Mealey's Bankruptcy - Bankrupt Detroit: Groups May Not Intervene In Case Against Retirement Systems

Mealey's Bankruptcy - Bankrupt Detroit: Groups May Not Intervene In Case Against Retirement Systems

DETROIT - The bankrupt City of Detroit on April 3 filed a brief in the U.S. Bankruptcy Court for the Eastern District of Michigan contending that the Financial Guarantee Insurance Co. (FGIC) and holders of investment certificates have no right to intervene in the adversary proceeding the city brought against the retirements systems related to bond investments that the city says violated Michigan law (City of Detroit v. Detroit General Retirement System Service Corporation, et al. $(In Re: City of Detroit$), No. 13-53846, Adv. No. 14-04112, Chapter 9, E.D. Mich. Bkcy.).

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