I wanted to link to this news article about a judge ruling that a municipality can choose to put pensioners ahead of bondholders in bankruptcy. The judge herself says that the ruling may be “unfair.”
California’s public retirement fund holds so much power over local officials that pension-bond investors can’t expect equal treatment when a city goes bankrupt, a judge said in a ruling that she acknowledged seems “unfair.”
U.S. Bankruptcy Judge Meredith Jury on Monday threw out a lawsuit in which investors had claimed their pension bonds must be paid off at the same rate as the California Public Employees’ Retirement System in the San Bernardino bankruptcy. The $304 billion fund is the biggest in the U.S.
Normally this has no impact on my life, but what an aptronym. I mean a Judge whose name is Jury!!!!