Stakes Now Even Higher for Detroit RetireesDecember 4, 2013 – In The News
Michael Sweet was quoted in the Associated Press article "Stakes Now Even Higher for Detroit Retirees." While the full text can be found in the December 4, 2013, issue of the Associated Press, a synopsis is noted below.
Unions and pension funds are vowing to appeal the decision by Judge Steven Rhodes that found Detroit is eligible for bankruptcy and public pensions in a bankruptcy aren’t protected by the state Constitution.
Expected to rule only on whether Detroit was eligible to remain in bankruptcy court, Rhodes surprised many by declaring that public pensions could be broken like any contract in a bankruptcy.
"He took a step further than anyone has yet. But it's just a judge who is applying federal law and giving his opinion," said Michael Sweet.
"It was an important statement. It saved people a lot of time and gave them a better sense of how they need to frame their discussions as they go into mediation," Sweet said.