Three Australian councils win case against Lehman Bros unit

Three Australian councils on Friday won their case against a Lehman Brothers subsidiary over losses they incurred on complex investment products that crashed during the global financial crisis.

The decision is considered a test case as it follows the first full trial into the conduct of an investment bank in relation to the synthetic derivative investments known as collateralised debt obligations (CDOs).

via Business feed http://www.scmp.com/business/banking-finance/article/1042315/three-australian-councils-win-case-against-lehman-bros-unit