Detroit Retirement Systems: $300M In Casino Revenue Claims Should Be Denied

Detroit Retirement Systems: $300M In Casino Revenue Claims Should Be Denied

DETROIT - The Police and Fire Retirement System of the City of Detroit (PFRS) and the General Retirement System of the City of Detroit (GRS) on Aug. 16 filed a brief opposing the termination of a forbearance agreement between the city and what are called Swap Counterparties under which the city would agree to the full amount of the Swap Counterparties' $300 million in claims against the bankruptcy estate (In Re: The City of Detroit, No. 13-53846, Chapter 9, E.D. Mich. Bkcy.).

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