Detroit, in debt: From today's Detroit Free Press: "Detroit files thousands of pages of documents in bankruptcy, lists 100,000 creditors." Detroit's emergency manager, Kevyn Orr, said the city has nearly $20 billion in liabilities. The Am Law Daily reports today: "Jones Day Steers Detroit to Chapter 9 Bankruptcy Filing." The Chicago Tribune has this report.
Flexing: From today's Am Law Litigation Daily: "The Federal Energy Regulatory Commission's beefed up effort to crack down on alleged manipulation in the energy market is creating headaches on Wall Street and billable hours at large law firms." The Wall Street Journal has this story: "FERC Increases Scrutiny of Electricity Market."
Whistleblowing: "The U.S. Court of Appeals for the Fifth Circuit has ruled that would-be whistleblowers are protected from retaliation only if they report their employer's wrongdoing to the U.S. Securities and Exchange Commission—contradicting virtually every other court to consider the matter and the SEC's own rules," The National Law Journal reports today. Reuters has this piece: "Appeals court restricts Dodd-Frank protection for whistle-blowers."
Get a warrant: The New Jersey Supreme Court, concluding that cellphone users have a reasonable expectation of privacy regarding the location of their phone, said the authorities need a warrant to track a device. The New Jersey Law Journal has this report. The New York Times has front-page coverage here. Read the opinion here.