The city is at present in a state of financial emergency.
The basic story would pit Bear Stearns employees against government regulators in a surreal financial emergency.
Being out of work because of illness or injury is potentially the most devastating financial emergency.
Orr was appointed in March after Snyder declared a "financial emergency" in Detroit.
The county last ended a year in deficit in 1991, when it also declared a financial emergency.
On March 21st a state-appointed review team unanimously agreed that it is suffering a "severe financial emergency".
Mr. Shear said it was "generally assumed on Wall Street that assistance would be provided in a financial emergency".
By declaring a state of financial emergency, the government is able to borrow funds without approval from the state legislature.
"The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency," the Starr complaint says.
"The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency," the lawsuit said.
On Tuesday, Suffolk County, one of the largest counties outside New York City, projected a $530 million deficit over a three-year period and declared a financial emergency.
