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…
Category: Law
Councils ignored fiduciary responsibilities
Michael Cole. Image: Hugh O’Brien. By Angela Dorizas Councils that claimed to be in accordance with state legislation when investing in CDOs ignored their fiduciary responsibilities, the author of the…
Councils given green light to pursue lost investments
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…