Detroit defeats pensioners' appeal over bankruptcy cuts

[Eugene]

Source: Reuters

A divided federal appeals court on Monday rejected claims by Detroit retirees that their pensions were unfairly cut to help the city end the largest U.S. municipal bankruptcy.

The 6th U.S. Circuit Court of Appeals in Cincinnati said restoring the pension cuts would "unavoidably" unravel Detroit's reorganization plan, which helped the city shed $7 billion of debt and end its 17-month bankruptcy in December 2014.

"This is not a close call," Circuit Judge Alice Batchelder wrote for a 2-1 majority.

"The harm to the city and its dependents - employees and stakeholders, agencies and businesses, and 685,000 residents - so outweighs the harm to these appellants that granting their requested relief and unraveling the plan would be impractical, imprudent, and therefore inequitable," she added.

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Read more: http://www.reuters.com/article/us-detroit-bankruptcy-pensions-idUSKCN12322F

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U.S. | Mon Oct 3, 2016 | 2:46pm EDT
By Jonathan Stempel

[NobodyHere]

1. Cut a city size in half and this will happen

[groundloop]

2. Working People once again get fucked.

[egeorgequi]

3. I love the concept of "reorganization plan"

where the workers get reorganized and the fatcats get to keep everything they stole.
" A contract is a contract " until it says you have to pay the pension.