Stockton, California has become the biggest U.S. city ever to enter bankruptcy.
Michael Sweet noted that CalPERS has a great deal at stake in the case, since the judge believes that Stockton may not be able to pay everything that is owed to CalPERS and still meet its requirements under the bankruptcy law to get a plan confirmed. The final ruling in this issue will have reverberations in many cities across the country.
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Originally published on Marketplace
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