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On December 3, 2013, a federal judge held that the city of Detroit is eligible to shed billions in debt in the largest public bankruptcy ever in the United States. The judge also ruled that public pensions could be reduced during reorganization, a provision in Michigan's Constitution notwithstanding. As an increasing number of local and municipal governments find themselves in dire financial straits, leaders are looking to new methods of increasing revenues and cutting costs, including pension reform. Professor David Skeel discussed the challenges faced by cities considering a restructuring of their pension plans, as well as the strength of various arguments regarding the legality of those efforts.
- Prof. David A. Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School
- Moderator: Dean Reuter, Vice President and Director of Practice Groups, The Federalist Society