find the latest legal job
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Legal Inhouse / Lawyer / Company Secretary
Category: Other | Location: Brisbane QLD 4000
· Fantastic Company · Potential to be Part Time / Flexible Work Pattern
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Court allows Lehman legal action in Aus

Court allows Lehman legal action in Aus

The Federal Court has opened the door for legal action against collapsed US investment bank Lehman Brothers.

THE Federal Court has opened the door for legal action against collapsed US investment bank Lehman Brothers. 


Local governments can pursue financial claims against the former firm in Australia and elsewhere, a firm that is funding the litigation announced yesterday. 


IMF Australia has confirmed the Federal Court ruling on Friday, which ruled in favour of town councils and others that have lost money in collateralised debt obligations marketed and issued by Lehman. The decision opens the door to legal claims to recover their money.


The Federal Court has found that a Deed of Company Arrangement (DOCA), which had prevented such legal action by the councils and other parties, was not valid. 


The DOCA had prevented the councils and others from pursuing claims against various Lehman entities both in Australia and overseas, as well as preventing them from pursuing payment under various insurance policies, according to a statement from IMF Australia.


“IMF will now fund those councils and other parties in litigation to recover monies lost when they invested in collateralised debt obligations arranged, issued and promoted by those Lehman entities,” the group’s statement to the Australian Securities Exchange said.


But the ruling does not have implications beyond AUstralian law, and it is not going to be a precedent for creditors to other Lehman entities, numerous commentators have said in newspaper reports. 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Court allows Lehman legal action in Aus
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Nov 24 2017
Demand lifts in 2017/18 for short-term finance to cover crises
Promoted by NWC Finance. The first five months of the 2017-18 financial year have seen unpreceden...
LCA welcomes religious freedom panel
Nov 24 2017
LCA welcomes religious freedom panel
The Law Council of Australia says the establishment of a panel which will examine the human right to...
Law Society launched a new website, legal politics and lawmaking
Nov 24 2017
Law Society launches project to engage young Aussies
The Law Society of NSW has launched a new website to engage young Australians in legal politics and ...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...