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Retirees Could Bear Brunt of Detroit Bankruptcy
Reuters
July 21, 2013 "Although city retirement benefits are enshrined in Michigan's constitution, there is no clear road map for what will happen in a Chapter 9 bankruptcy, experts said. The question is made more complicated by the fact that it is unclear who has the legal authority to negotiate on behalf of the retirees.... 'The appointment of a retiree committee is adequate representation for these individuals and to facilitate the city's restructuring of its pension and other post-employment benefit liabilities,' [Kevyn Orr, Detroit's state-appointed emergency manager,] said ... Orr faced three separate lawsuits from current and retired workers trying to bar his attempts to file Chapter 9." MORE >> |
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