A federal appeals court says it’s too late to go back and re-hash the "Grand Bargain" that allowed Detroit to emerge from bankruptcy two years ago.
In a split decision, a panel of the Sixth Circuit U.S. Court of Appeals rejected a challenge filed by five city of Detroit retirees. They say the city shouldn’t be allowed to reduce their benefits after they retired.
But the court said re-visiting the controversy could unravel the deal, and would stoke uncertainty.
The court said that would be unfair to other creditors, and hundreds of thousands of Detroit residents.