The stakes are raised as Calpers moves to sue San Bernardino over the bankrupt city's decision...


The stakes are raised as Calpers moves to sue San Bernardino over the bankrupt city's decision to halt its bi-weekly payments to the fund. The precedent-setting case will have major implications for the way bondholders and insurers are treated in a municipal bankruptcy. If Calpers loses - good for creditors. If Calpers win - not so good. It's hard to imagine this not making its way to the Supreme Court.

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