Legal equality doesn’t exist for Michigan’s gay and lesbian couples, a lawyer for two women challenging the law that keeps them from marrying told a judge in a trial held as such barriers were attacked in other states.
J.C. Penney Co. surged 25 percent after forecasting an increase in annual revenue and margin expansion, prompting Chief Executive Officer Mike Ullman to predict its turnaround will be completed this year.
Michigan’s defense of its same-sex marriage ban reflects an “ostrich” approach to research showing children of such unions benefit the same as those of heterosexual marriages, lawyers for two women said in a trial seeking to overturn the law.
Detroit’s plan to end its $18 billion bankruptcy assumes bondholders offered 20 cents on the dollar will eventually swallow a deal that guarantees police and firefighters collect 90 percent of their pensions.
Detroit’s plan to reduce its $18 billion of liabilities may derail the biggest wave of Michigan debt issuance since 2009 and elevate borrowing costs as investors renew focus on the state’s approach to bondholders.
Detroit’s proposal to restructure its $18 billion of debt by paying pensioners at more than twice the rate of some municipal bondholders threatens to increase borrowing costs for localities throughout Michigan.