Bankruptcy
Nov. 29, 2014
Spate of municipal bankruptcies leave worker pensions vulnerable
With the recent conclusion of a slew of bankruptcies including Stockton, Detroit and Jefferson County, Ala., difficult questions are getting answers that could impact future cases.
Daily Journal Staff Writer
Only a few years ago, municipal bankruptcy law was a wilderness. A few cases shed little light on whether public pensions could be cut in the process, or how Wall Street would fare against city employees in court. Now, with the recent conclusion of a slew of bankruptcies including Stockton, Detroit and Jefferson County, Ala., those and other questions are getting answers that could impact future cases.
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