Morningstar Is Disputing A Key Number In Detroit's Bankruptcy Filing

Research firm Morningstar has highlighted a potential discrepancy in Detroit emergency manager Kevyn Orr's bankruptcy filing. The firm's report was first spotted by Bond Buyer and reported by the Detroit Free Press' John Gallagher Orr has pegged the size of the shortfall in the General Retirement System and Police and Fire Retirement System at $3.5 billion. He arrived at that figure in part by estimating the funds' expected annual return on assets at 7%. The city's actuary, meanwhile, says the s...