Statement of Dave Low, Chairman, Californians for Retirement Security, a coalition of more than 1.2 million teachers, police officers, firefighters, school employees, retirees, and other public employees:

"We are disappointed that the judge has sided with Wall Street in a decision that has the potential of devastating citizens, employees, and making bad situations worse. As Stockton's city attorney noted, if cities break the promises made to employees, it will result in a mass exodus of police, firefighters and other public employees who will have no incentive to rebuild bankrupt cities."