RIVERSIDE, California — California's biggest public pension system has lost its appeal of the ruling that allowed the city of San Bernardino to file for bankruptcy.
The San Bernardino Sun reports a bankruptcy judge rejected the request by the California Public Employees' Retirement System to challenge the city's bankruptcy eligibility at the U.S. 9th Circuit Court of Appeals.
Friday's decision is the latest round in the bankruptcy battle between the cash-strapped city and CalPERS. The city owes the pension fund $14 million in overdue payments.
Last month the San Bernardino City Council adopted a tentative plan to deal with all its creditors, including CalPERS.
San Bernardino, located 60 miles east of Los Angeles, filed for bankruptcy protection after learning it faced a $46 million deficit.
Information from: The Sun, http://www.sbsun.com