S&P vows vigorous defence against councils’ ‘lawsuit is without merit’

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 […]

NSW Councils win battle against Standard & Poors

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 […]


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