Following the lead of the Illinois Supreme Court in In re Pension Reform Litigation, 2015 IL 118585 [see Illinois and New Jersey Pension Decisions: Implications for Bondholders], Judge Rita Novak of the Circuit Court of Cook County has ruled that an Illinois law modifying provisions of Chicago’s pension statute violated the Illinois Constitution.
USA, Illinois, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, ArentFox Schiff, Illinois Supreme Court
Two important and very different decisions regarding public pensions were recently issued by the Supreme Court of Illinois and the Supreme Court of New Jersey. These decisions are significant not only for the workers and taxpayers in these States, but also for the owners and insurers of municipal bonds issued in these States.
ILLINOIS
USA, Illinois, New Jersey, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bond (finance), US Constitution, Supreme Court of the United States, Illinois Supreme Court