DealBook: In Ruling on California Town’s Bankruptcy, Judge Challenges Sanctity of Pensions

http://rss.nytimes.com/c/34625/f/640350/s/3f0879b3/sc/30/l/0Ldealbook0Bnytimes0N0C20A140C10A0C0A10Cjudge0Erules0Ethat0Ebankruptcy0Einvalidates0Ecalpers0Elien0Eagainst0Estockton0Ecalif0C0Dpartner0Frss0Gemc0Frss/story01.htm

The decision by a federal bankruptcy judge dealt a blow to Calpers, California’s giant state-led pension system, which has been leading efforts to preserve defined-benefit pensions nationwide.

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