San Bernardino, which owed almost $10 million on its pension bond debt ever since it declared bankruptcy in 2012, has defaulted, according to Reuters. Since September, the city has avoided dealing with the bondholders, who have been left out in the cold.
Last August, Judge Meredith Jury of the U.S. Bankruptcy Court for the Central District of California ruled that San Bernardino, California could declare bankruptcy, even though the city had stopped paying the California Public Employees’ Retirement System (CalPERS) the money CalPERS was owed.
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