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Thinking Money: The Psychology Behind Our Best and Worst Financial Decisions is a new Finra Investor Education Foundation documentary that uses a mix of humor, on-the-street interviews and provocative insights from innovative thinkers to explore why we spend, why we save (or don’t) and how we think about money. (EBRIef)

A federal judge in California has ruled that the city of Stockton may eschew paying its pension obligations, and treat them just like other debts in its bankruptcy plan. According to news reports, U.S. Bankruptcy Judge Christopher Klein said, “California public employee retirement law…is simply invalid in the face of the supremacy clause of the United States Constitution.” That means federal bankruptcy and contract law applies to the pension fund, “just like anybody else,” Klein said. In the lawsuit brought by creditor Franklin Templeton Investments, Stockton argued that it must make its pension contributions for public employees before its creditors are paid the entire amount they are owed. (PlanSponsor)

The law firm of Schlichter, Bogard Denton says the U.S. Supreme Court has agreed to review the closely followed 401(k) fee litigation case, Tibble v. Edison International. The law firm says Tibble will be the first case involving litigation on excessive 401(k) fees heard by the Supreme Court, following a recommendation from the U.S. Solicitor General’s Office urging the top court to agree to review previous district and appellate court findings in the matter. During an initial bench trial, a district court held that utility company Edison International had breached its duty of prudence by offering retail-class mutual funds as retirement plan investments when lower-cost institutional funds were available. (PlanSponsor)

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