Local councils drain Lehman’s zombie coffers

Australian institutions are poised to win back the full value of their Lehman Bros losses in a settlement reflecting a rebound in value of the corporate debt securing the toxic CDOs.

After three years, an international paper chase and countless millions of dollars in legal fees, the 300 odd local councils, religious groups and charities burnt by the collapse of Lehman Bros finally are to have their day in the sun.

A settlement is likely to be offered to creditors as early as tomorrow that will deliver a full return of all funds lost by Australian institutions after the collapse of the ill-fated American investment bank.

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