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 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
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 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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