Detroit ruling

A historic day for the city of Detroit, birthplace of the Motown sound and U.S. auto industry and now poised to become the largest bankruptcy in the nation`s history. A federal judge today declared the city could proceed with its bankruptcy filing, clearing the way for sweeping changes to contracts and pension pay outs to city workers and retirees, as well as potentially losses for the city`s municipal bond holders.

Scott Cohn is in Detroit and reports on today`s ruling, and what could happen next in Motor City.

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