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In what could be a precedent-setting case, a public pension fund - the Northern Mariana Islands...

  • Tuesday, May 1, 2012, 4:47 PM ET
    In what could be a precedent-setting case, a public pension fund - the Northern Mariana Islands Retirement Fund - has filed for Chapter 11 bankruptcy protection. The fund is just 38.8% funded due to benefits that kept going up while funding and returns didn't. A dismissal motion has been filed by lawyers representing beneficiaries.
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    What? No taxpayer bailout? Accountability for mismanagement, waste, and fraud? Can this be possible?
    1 May 2012, 04:51 PM Reply Like
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