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Written by The Informed Aussie
Published on Saturday, September 22nd, 2012
IN a decision that has sent shock waves around the world, an Australian Federal Court Judge declared Lehman Brothers liable for losses incurred by Australians who lost millions of dollars during the Global Financial Crisis.
More than 70 organisations, including churches, city councils and private investors sued the Globalist banker just under 250 million dollars for breaches of contract and losses.
The judge who presided over the case stated that the behaviour of Grange Securities (the investment advisory service that Lehman Brothers took over in 2007) was “misleading and deceptive”.
As the verdict was read, not only did the presiding judge describe the behaviour of Lehman Brothers executives as “misleading and deceptive”, he also described the investment decisions of Lehman Brothers as a “sophisticated bet”.
Investors who entrusted Lehman Brothers to manage their investments repeatedly requested that their investments be made in low-risk securities, yet executives of Lehman Brothers ignored their requests and decided to invest in collateralised debt obligations (CDO) that had exposure to high-risk mortgages, personal loans and credit card debt.
Mayor Juliet Arkwright, a representative of one of the plaintiffs said that:
It wasn’t a deliberate choice of the council to invest in CDO’s
Unfortunately, millions of people who have suffered, and are still suffering, because of the collapse of Lehman Brothers and other globalist backed institutions will never be compensated for their losses and hardship.
The local councils who formed part of the plaintiff have declared that they can now afford to build libraries, swimming pools and other council funded facilities.