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Detroit pension funds attorney plans challenge of bank deal

DETROIT (WKZO) -- An attorney for Detroit's pension funds says he will challenge a deal struck earlier this week to pay two banks more than 160-million dollars to settle a 2005 debt deal.

Thursday, lawyer Robert Gordon said the agreement reached on Tuesday will give UBS and Bank of America a huge windfall at the expense of the city of Detroit.  Under the deal, the city would borrow 285-million dollars, instead of 350-million dollars from London-based Barclays, with 165-million going to the banks and 120-million dollars going to city services.

U.S. Bankruptcy Judge Steven Rhodes is expected to consider the new agreement during a January 3rd hearing.