Calpers says ruling by judge in Stockton case is not legally binding

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Calpers says ruling by judge in Stockton case is not legally binding

(Reuters) - The California Public Employees' Retirement System, or Calpers, on Wednesday said it disagreed with a U.S. bankruptcy judge's ruling that Stockton, California, could impair worker pensions as part of the city's proposed financial restructuring. "This ruling is not legally binding on any of the parties in the Stockton case or as precedent in any other bankruptcy proceeding and is unnecessary to the decision on confirmation of the City of Stockton?s plan of adjustment," Calpers spokeswoman Rosanna Westmoreland said in an emailed statement. ...

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