Judge Approves Settlement in Detroit Bankruptcy

1:21 pm
Fri April 11, 2014

Judge Approves Settlement in Detroit Bankruptcy

Lead in text: 
Judge Steven Rhodes parties for public negotiations
Judge Steven Rhodes today approved a settlement between Detroit and two global banks over a disastrous financial bet engineered by Mayor Kwame Kilpatrick's administration. Rhodes - who had rejected two previous settlements as too generous for UBS and Bank of America - ruled that the city can pay $85 million to eliminate the disastrous pension debt interest-rate transaction known as "swaps."