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 Local governments, charities and and not for profit groups have finally won a phyrric victory over collapsed US investment bank Lehman Brothers, after the Federal Court ruled that the institution is ultimately liable for almost $250 million in losses suffered by investors. Handed down by Justice Steven Rares on Friday, the decision […]
25 September, 2012
Grange Securities, the Australian arm of failed investment bank Lehman Brothers bought collateralised debt obligations (CDOs) for councils even though they advised the firm not to, the Federal Court has heard. Class action against the investment bank began on Wednesday. It included 72 councils, charities and schools, led by Wingecarribee Shire Council, the City of […]
3 March, 2011
By Angela Dorizas A ruling by the Federal Court has cleared the way for councils to pursue legal action against collapsed US investment bank Lehman Brothers. The Federal Court found against the validity of a Deed of Company Arrangement (DOCA) put forward by the administrators PPB and Lehman Brothers Asia, which had prevented 38 councils […]
1 October, 2009
By Angela Dorizas The Federal Court has upheld an appeal by the administrators of Lehman Brothers Australia to block Wingecarribee Shire Council’s access to the company’s insurance documents. The council has been involved in a legal battle with the failed bank since 2007, in an attempt to recoup losses made through investing in collateralised debt […]
26 May, 2009
Wingecarribee Shire Council is seeking to recoup losses made from CDO investments. Image: iStock By Angela Dorizas Wingecarribee Shire Council in New South Wales has won the right to proceed with attempts to access the insurance policies of collapsed US investment bank Lehman Brothers. The council has been involved in a $2.5 million lawsuit against Lehman Brothers […]
11 May, 2009
By Angela Dorizas Councils that have lost funds through high-risk investments in structured instruments, including collaterised debt obligations (CDOs), may have a litigation case against financial advisers and rating agencies, says IMF. The litigation funder has agreed to back a $25 million claim by Melbourne-based clean energy company Ceramic Fuel Cells (CFCL) against “various parties” […]
9 April, 2009End of content
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