DETROIT (AP) - The judge who handled Detroit's bankruptcy has given his blessing to $178 million in fees charged by law firms and other professionals in the case.
Judge Steven Rhodes says the pay is "reasonable," a key standard under bankruptcy law. The city's law firm, Jones Day, leads the way at $58 million. The judge hailed the firm's work last Thursday as "extraordinary."
Detroit is paying the bills of lawyers, financial consultants, turnaround specialists and other professionals who represented the city as well as pension funds, retiree groups and certain city departments. Fees worth millions of dollars were reduced through private negotiations.
The judge says Detroit residents should have a "genuine sense of appreciation" for the work of the professionals. The city emerged from bankruptcy in December after just 17 months.
Published: Mon, Feb 16, 2015
