With Detroit's Chapter 9 Filing Approved, Some Firms Win Big

, The Am Law Daily

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In a historic ruling handed down Tuesday, U.S. Bankruptcy Judge Steven Rhodes approved Detroit's Chapter 9 petition and made the Motor City the largest U.S. municipality ever to declare itself legally insolvent. Rhodes' decision, which also permits the cutting of city pension obligations and the sale of municipal assets, means htat more than a dozen Am Law 200 firms will continue to rack up fees advising clients in the case.

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