2008-08-19 — theage.com.au
LOCAL governments that invested in US subprime mortgage-related assets are holding on to their diminished investments in many cases — because they have little choice.
Several councils are considering legal action against Lehman Brothers, although some have ruled it out. Only one council, Wingecarribee Shire Council in the Southern Highlands of NSW, has started legal action. A spokeswoman for Lehman Brothers said it had received notification of legal action from one council.
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