| Detroit is eligible to shed billions in debt, a federal judge ruled Tuesday, while also finding that public pensions could be reduced despite a provision in Michigan's Constitution. Judge Rhodes turned aside objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities, including $3.5 billion in unfunded pension obligations. He also rejected arguments by unions and other opponents that the bankruptcy filing was the result of secret and unconstitutional decisions made by Gov. Rick Snyder of Michigan, who approved the filing in July, and others. |
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