New FedSoc White Paper: Can Pensions Be Restructured in (Detroit’s) Municipal Bankruptcy?
The Federalist Society has published a White Paper by David Skeel–S. Samuel Arsht Professor of Corporate Law at University of Pennsylvania Law School–that describes and assesses the question whether public employee pensions can be restructured in bankruptcy, with a particular focus on Detroit. Part I gives a brief overview of both the treatment of pensions under state law, and of the Michigan law governing the Detroit pensions. Part II explains the legal argument for restructuring an underfunded pension in bankruptcy. Part III considers the major federal constitutional objections to restructuring, Part IV discusses arguments based on the Michigan Constitution, and Part V assesses several Chapter 9 arguments against restructuring. None of these arguments appear to prevent restructuring. Assuming that pensions can in fact be restructured, Part VI discusses the Chapter 9 factors that may affect the extent to which they are or can be restructured in a particular case. Click here for a PDF of the paper.
In October 2013, Skeel took part in a panel on the subject along with Thomas W. Merrill, Charles Evans Hughes Professor of Law at Columbia Law School. Attorney Erik S. Jaffe served as the moderator. You can watch a video of the event here.
Source: http://www.fedsocblog.com/blog/new_fedsoc_white_paper_can_pensions_be_restructured_in_detroits_municipal_b/
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