By Julian Bajkowski Global financial ratings agency Standard & Poors has vowed to fight fresh legal action against it to recover millions of dollars lost by dozens of Australian councils after the local governments bought into junk, sub-prime instruments graded by the firm as AAA and AA quality investment products. The confirmation by S&P that […]
19 April, 2013
By Julian Bajkowski Australian councils burned by toxic investments in collateralised debt obligations (CDOs) from collapsed bank Lehman Bros. have escalated their legal action and will try and rope-in ratings agency Standard & Poors in their bid to recover losses of around $200 million. Litigation funder IMF said on Tuesday afternoon that it will file […]
16 April, 2013
By Julian Bajkowski Councils in New South Wales and Western Australia burned by the collapse of merchant bank Lehman Brothers could recoup around 45 cents in the dollar after liquidators attempted to broker a deal to litigants to settle litigation. While creditors and the Federal Court must still approve the deal, the compromise is a […]
16 April, 2013
By Julian Bajkowski A group of 12 New South Wales councils have scored a second vital win in the ongoing legal battle over how toxic financial instruments were deceptively marketed to them as safe investments, causing the loss of millions of ratepayer’s dollars during the global financial crisis. A decision handed down on Monday by […]
6 November, 2012End of content
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