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An Austalian court cleared the way yesterday for 91 church groups, councils and charities to resume a damages claim against credit rate-setting agency Standard & Poor’s.
Bentham IMF filed on behalf of the groups last year over losses suffered on investments given the highest AAA rating by S&P which were sold by Lehman Brothers prior to the global financial crisis.
S&P argued the claim should be rejected as it had no chance of success and as a US-based firm it didn’t have to submit to Australian courts.
But Justice Stephen Rares rejected the arguments yesterday.
A settlement reached with liquidators last November will see 80 claimants recover about half of the $180 million (£88m) in losses suffered on the investments.
The current claim seeks to recover the balance.
