AFTER two years of legal wrangling, nine Western Australian councils that lost millions of dollars of ratepayers’ money through Lehman Brothers Australia can pursue claims against the failed investment bank.
IMF (Australia) will go ahead with funding an action against Lehman Brothers Australia after a decision by the Federal Court removed the last obstacle.
Litigation funder IMF (Australia) has agreed to provide funding on behalf of hundreds of Lehman Brothers Australia investors, including local councils and charities, over the losses from collateralised debt obligations (CDOs).
US stocks wobbled higher today as investors mulled troubled investment giant Lehman Brothers' news of hefty losses and plans to sell assets to shore up its finances.
Investment and advisory firm Lehman Brothers Australia is negotiating a settlement deal with the 30-plus Australian councils it sold sub-prime investment securities to last year.
11 Jun 2008
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