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Fri Sep 21, 2012, 08:22 AM

Lehman Brothers ordered to pay compensation

Source: ABC.net.au

A group of Australian councils, charities and churches has won a Federal Court case against defunct investment bank Lehman Brothers in a case which could have global ramifications.

The judgment is considered a test case as it is the first in the world to look at the conduct of an investment bank, on both legal and ethical grounds, in the lead-up to the global financial crisis and how they behaved in the aftermath.

The class action involved 72 councils, churches and charities who sued Lehman Brothers for around $250 million, claiming it breached contracts and engaged in misleading and negligent conduct.
Justice Steven Rares has ruled that the parties are entitled to compensation but the amount has yet to be finalised.

Read more: http://www.abc.net.au/news/2012-09-21/lehmann-brothers-test-case/4273896

3 replies, 1417 views

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Reply Lehman Brothers ordered to pay compensation (Original post)
Swagman Sep 2012 OP
paulwarnerwarrior Sep 2012 #1
fasttense Sep 2012 #2
StevePaulson Sep 2012 #3

Response to Swagman (Original post)

Fri Sep 21, 2012, 08:36 AM

1. Take The Compensation From The Executives

Executives lied, cheated, and stole to "earn" their bonuses. Everyone loses except the ones that caused the problem? I don't think that is fair.

http://www.RepublicansAreADisease.com

Remember, Bush and his gang of non-regulators were watching them full time!

We seem to never hear the word Bush mentioned anymore. Will he be erased from history?

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Response to Swagman (Original post)

Fri Sep 21, 2012, 08:48 AM

2. Time for some retroactive immunity for banks just like

the retroactive immunity for illegal spying by telecoms corporations.

You know our gubermint just doesn't have the heart to make bank CEOs and executives accountable for their actions.

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Response to fasttense (Reply #2)

Fri Sep 21, 2012, 09:18 AM

3. But They Own The Government

How can anyone get elected without all them millions for negative ads and lie spewing?

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