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Stockton, Calif. eligible for bankruptcy in pension test case, judge rules

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Stockton, Calif., became the most populous U.S. city to enter bankruptcy proceedings when a judgeaccepted the city’s application for bankruptcy on Monday, saying it would not be able to provide basic services otherwise. The ruling is the latest in a case that pits federal bankruptcy law against state pension laws. The city’s creditors opposed bankruptcy, fearing it will...

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