Friday, Dec 21, 2007
..Meanwhile, back in the courtroom...
Bloomberg: Lehman Faces Lawsuit by Australian Municipal Councils
Lehman Brothers Holdings Inc., the largest U.S. underwriter of mortgage-backed bonds, faces legal action by Australian municipal governments after the value of their subprime-related investments dropped as much as 86 percent. Wingecarribee Shire Council, in New South Wales state, is suing Lehman for ``deceptive and misleading conduct'' in selling A$3 million ($2.6 million) of subprime-linked collateralized debt obligations, the council's managing director Mike Hyde said in a media statement today.
Posted by alan @ 03:05 PM (222 views) Add Comment
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