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Cotillard, Phoenix and Renner cast in 'Low Life'

Oscar winners Marion Cotillard ( Inception) and Jeremy Renner ( The Hurt Locker) will appear in Low Life with Joaquin Phoenix ( Walk the Line), who teams up again with director James Gray after they collaborated on Two Lovers and We Own the Night.

Set for release in 2012, this period drama follows a woman whose dream of immigrating to America from Poland turns into a nightmare when she must trade sexual favors for medicine and food for her ailing sister, according to Deadline.

Cotillard is currently seen in Woody Allen's Midnight in Paris and next she costars with Matt Damon, Jude Law and Kate Winslet in Steven Soderbergh's Contagion and then in Christopher Nolan's upcoming Batman film The Dark Knight Rises.

Renner is in production on Mission Impossible: Ghost Protocol with Tom Cruise, set for a December release, then The Avengers with Iron Man Robert Downey Jr. and Mark Ruffalo as The Hulk, and for 2012 he stars in The Bourne Legacy with Rachel Weisz.

Joaquin Phoenix is shooting The Master, directed by Paul Thomas Anderson ( There Will Be Blood, Magnolia, Boogie Nights).