Local: 30 September 09

Cash Fight

By Damian Smith

A Federal Court decision last week has paved the way for the City of Melville to recover more money... from failed U-S bank Lehman Brothers.

Melville is one of several councils around Australia taking part in legal action against Lehman's Australian subsidiary.

The global financial crisis wiped millions of dollars from the council's investment portfolio.

Susanna Kooree from I-M-F... the litigation company funding the action... says the decision is good news for councils like Melville.