Wingecarribee Shire Mayor Councillor Ken Halstead has today announced Council has recovered lost capital totalling $9.5 million relating to failed collaterised debt obligations (CDO’s) sold to Council by failed investment bank Lehman Brothers Australia. The news comes after a briefing to councillors in closed session at Wednesday evening’s Ordinary Meeting of Council. In total $9,506,387...
Wingecarribee Shire Mayor and Chair of Council’s Finance Committee, Councillor Juliet Arkwright has today welcomed news that liquidators on behalf of Lehman Brothers Australia had finally agreed to settle all matters stemming from the successful class action litigation led by Wingecarribee Shire Council against collapsed investors, Lehman Brothers Australia (LBA), seeking damages for the failed...
Wingecarribee Shire Mayor Councillor Juliet Arkwright has responded to the findings released in last week’s NSW State Government Treasury Corporation report into the financial stability of the state’s councils. “Viewed in its entirety, the report contains numerous positives for our Council and Shire in general,” Councillor Arkwright said. The report, released on Friday 19 April...
Wingecarribee Shire Council has today received payments totaling almost $7 million on three of its Dante series of collaterised debt obligations (CDO’s). The news will be detailed by Council’s Manager of Finance and Business Services, Mr Barry Paull at this evening’s Ordinary Meeting scheduled to begin at 3.30pm at Council’s Elizabeth Street Chambers. The news...
Wingecarribee Shire Council has welcomed the decision from the Federal Court of Australia last Friday ruling that investment company Lehman Brothers Australia is liable for millions of dollars lost by Councils via failed investments. Wingecarribee Shire Council – along with City of Swan and Parkes Shire councils – led the class action case, which involved...
