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History of Bankruptcy
February 10, 2014 by G. Redd
Bankruptcy is a process through which a person who is unable to pay his or her debts is granted relief from the courts by undergoing a supervised step-by-step repayment plan; many debts are partially paid as fairly as possible with the assets that the debtor has.
Many small US cities are.... [more]
Michigan governor includes Detroit pension bailout in budget
February 6, 2014 by Matthew Pomy
Michigan Governor Rick Snyder unveiled a new state budget on Wednesday that would allocate state funds to be used to cover Detroit workers' pensions, currently the subject of controversy in the city's bankruptcy proceeding. The plan sets aside $17.5 million annually for 20 years from funds the.... [more]
Detroit files lawsuit to invalidate $1.44 billion of pension debt
February 3, 2014 by Cynthia Miley
Detroit on Friday filed a lawsuit in the US Bankruptcy Court for the Eastern District of Michigan seeking to invalidate the $1.44 billion of debt the city sold to finance by establishing "sham" service corporations to facilitate the debt sales, and claiming and that all contracts or obligations.... [more]
January 30, 2014 by Arjun Mishra
02/05/2014: Michigan governor included Detroit's pension bailout in budget.
01/16/2014: Detroit 165 million dollar bankruptcy settlement rejected.
12/18/2013: Federal judge ruled Detroit bankruptcy deal too generous towards banks.
12/03/2013: Federal court ruled Detroit eligible for.... [more]
Supreme Court rules in attorney's fees case
January 15, 2014 by Benjamin Minegar
The US Supreme Court ruled Wednesday in Ray Haluch Gravel Co. v. Central Pension Fund that, whether a claim for attorney's fees is based upon a statute, a private contract, or both, the pendency of a ruling on an award for fees and costs does not prevent a merits judgment from becoming "final" for.... [more]
Illinois General Assembly approves pension reform bill
December 5, 2013 by Amy Mathieu
The Illinois General Assembly passed a bill on Tuesday that would reform the state's pension plan to lower future benefits for current state employees. The legislature amended the pension plan in an effort to cut spending and lower the state's debt, which currently includes about $100 billion in.... [more]
October 4, 2013 by Sarah Steers
At the height of the Great Depression, US President Franklin Roosevelt requested legislation to aid Americans in times of economic need. On August 14, 1935, Roosevelt signed the Social Security Act into law. The original Act provided benefits to workers upon retirement at age 65, and based the.... [more]
October 4, 2013 by Arjun Mishra
The Employee Retirement Income Security Act is a complex piece of legislation that Congress passed in 1974 to ensure that the pensions of private sector employees had stability and protection. The legislation only applies to private companies, leaving public employees' pensions unprotected. When.... [more]
Detroit Bankruptcy and the Tactful Use of State Ordered Declaratory Relief in Federal Proceedings
September 5, 2013 by Fangxing Li
JURIST Guest Columnist Patrick Brady, University of Maine School of Law Class of 2014, discusses Detroit's bankruptcy and pension holders' proactive defense of their rights...Although the pension holders of the city pension funds are at the heart of Detroit's financial woes, the holders are at a.... [more]
Pensions and Chapter 9 Bankruptcy: How Detroit May Boldly Go Where No Municipality Has Gone Before
August 28, 2013 by Endia Vereen
JURIST Guest Columnist, Igor Shleypak, University of Illinois College of Law Class of 2014, discusses Detroit's bankruptcy, pension restructuring and how Chapter 9 bankruptcy may become a more viable option for local governments in financial trouble...Growing up in the Detroit area, there are.... [more]