The City of Albany says it will be just a few hundred thousand dollars out of pocket from investments in failed US investment bank Lehman Brothers, after the latest settlement agreement.
A group of councils, charities and churches yesterday announced a settlement with Lehman’s liquidator, over about $180 million of failed investments.
That settlement will give those organisations back just under 50 per cent of what they invested.
Albany Mayor Dennis Wellington says the settlement will deliver the city several hundred thousand dollars, on top of funds previously recovered, which means more than 80 per cent of its investments have been recovered.
“The auditors would only allow us to put it in our audited books at $67,500 and we have $2.3 million in the bank in cash, so that was a much, much better result than initially anticipated,” he said.
He says further action for remaining funds will be carefully considered.
“Well we’ll have a look at that and evaluate the likelihood of success of that, speak to people who know a bit more about it than ourselves – which is what we’ve done in the past,” he said.
“We’ll have a look at that and if there’s a likelihood it’ll be successful then certainly we probably would.”
–Top Twitter To Follow: