Our health care system creates an unsustainable financial burden by pushing administrators to compete for patients.

Californias public retirement fund holds so much power over local officials that pension bond investors cant expect equal treatment when a city goes bankrupt, a judge said in a ruling that she acknowledged seems unfair.

The lawsuit presents a novel legal challenge for the California Public Employees Retirement System.

Stocktons bankruptcy pitted public-pension advocates against investors, who stood to recover a fraction of what theyre owed for their bonds.

California cities may turn to bankruptcy courts to ease pension obligations after a judge ruled the California Public Employees Retirement System doesnt deserve special protection.

A judge says the pension funds claims against a city in bankruptcy are unsecured and arent superior to debts including unsecured bonds.

The city is seeking court approval to eliminate more than $7 billion of its $18 billion in obligations to retired city workers, bondholders and other creditors.

Detroits public workers and retirees voted to accept cuts to their pensions and health-care benefits, moving the city a step closer to winning approval of a bankruptcy exit plan that eliminates $7.4 billion in debt.