Australian Towns Get OK To Pursue Lehman Claims

Law360, New York (September 28, 2009, 12:30 PM EDT) -- An Australian court has given local governments the green light to bring claims against bankrupt Lehman Brothers Holdings Inc.'s former Australian subsidiary for losses stemming from collateralized debt obligations marketed and issued by the fallen investment giant, both in Australia and abroad.

IMF Ltd., an Australian firm that is funding town councils and others in litigation against Lehman, said in a statement with the Australian Stock Exchange that the Federal Court of Australia on Friday had ruled invalid a deed of company arrangement that had blocked...
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