EUROBODALLA Shire Council hopes to this year finalise a long-running saga to recover funds it lost in the global financial crisis.
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The council is engaged in joint legal action seeking recovery from Lehman Brothers Australia.
It was among the many Australian councils, churches and charities that lost millions of dollars with the investment bank, which collapsed in 2008.
A report to be presented to councillors next week said a proof of claim had been lodged on behalf of council in respect of the scheme arrangement between Lehman Brothers, which is in liquidation, and its creditors.
“The matter will now proceed to finalisation and the latest information suggests that it could be substantially finalised by the end of this financial year,” the report states.
“Legal action against the Commonwealth Bank and Standard and Poors is proceeding.”
Eurobodalla Shire Council currently has $84.93 million invested in bank deposits, with the weighted average return for all investments for the month 3.33 per cent.