Stockton Could Stir Battle on PensionsDecember 9, 2012 – In The News
Before it’s finished, Stockton’s bankruptcy may grow into a mammoth fight over public employee pension with reverberations felt through out California and the nation. But Stockton may have the luxury of taking a back seat as the California Public employees’ Retirement System, which manages Stockton’s pensions, battles to the bitter end with Wall Street creditors and bond insurers.
“This is potentially the kind of issue that will go to the U.S. Supreme Court,” said attorney Michael Sweet, a partner at Fox Rothschild LLP. “CalPERS will be well represented in that fight.”