Judge Approves Settlement in Detroit Bankruptcy

Apr 11, 2014
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Judge Steven Rhodes parties for public negotiations

Source: Freep

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."

Read more at: Freep