Government
Jul. 24, 2013
Amid municipal bankruptcies in California, lawyers watch Michigan case
Will retirees who had been promised pensions have priority over Wall Street creditors if the city that employed them goes bankrupt? That question has jumped to the forefront in the wake of a court's ruling in the Detroit bankruptcy.
Daily Journal Staff Writer
Will retirees who had been promised pensions have priority over Wall Street creditors if the city that employed them goes bust?
That question has leapt to the forefront in the wake of a Michigan court's unusual ruling last week deeming Detroit's bankruptcy unconstitutional for altering public pension contracts. Though the question has also been posed by parties in the recent San Bernardino and...
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