Local Government Financial Services
IMF is funding litigation on behalf of certain Local Councils against Local Government Financial Services Pty Limited, ABN Amro Bank NV and McGraw-Hill International (UK) Limited (the owner of Standard & Poor's). The litigation relates to the purchase by the Councils of 'Community Income Constant Proportion Debt Obligation Notes' known as the 'Rembrandt' Notes.
Current stage of case
Trial commenced on 4 October 2011. Judgment handed down on 5 November 2012. Final orders were made 1 March 2013. LGFS, ABN Amro and S&P have lodged appeals. Appeals listed for hearing on 3 March 2014. Appeal judgment delivered on 6 June 2014. Appeals by S&P, RBS and LGFS dismissed.
- Federal Court (NSW)
- Corowa Shire Council, Parkes Shire Council and others
- Local Government Financial Services Pty Ltd, ABN Amro Bank NV and McGraw-Hill International (UK) Limited