News

CHCC socks it to Lehman Brothers

New Coffs mayor Denise Knight couldn't have wished for a better start to her tenure than council's class action victory.
New Coffs mayor Denise Knight couldn't have wished for a better start to her tenure than council's class action victory. Rob Wright

COFFS Harbour City Council is one of 52 councils to benefit from the successful Federal Court class action in the wake of the global financial crisis.

Lehman Brothers Australia, formerly known as Grange Securities, was yesterday ordered to compensate the councils and 20 other charitable institutions and church groups who were misled into making high risk investments.

The losses in Australia since 2008 are estimated to exceed $1 billion.

The compensation, expected to be in the hundreds of millions of dollars, will be announced before the end of the year.

From 2007, Coffs Harbour City Council put funds into collateralised debt obligations (CDOs) but the investments turned sour as the economic uncertainty caused by the US and Eurozone crisis spread across the globe.

It's believed Coffs Harbour lost at least $8.8 million.

Documents produced last July showed the council held $4.7 million in CDOs which had mostly defaulted, leaving a residual value of $892,308.

In handing down his judgement, Justice Steven Rares made a scathing assessment of the business practises of Lehman Brothers' Australian arm.

"Grange was conscious that the trust its uninformed council clients placed in it was being used to Grange's advantage," he said.

"For these reasons Grange is liable to compensate the councils for the losses incurred as a result of the investments."



Nominations extended for Australia Day Awards

Award nominations have been extended until Friday.

Orara Forest a major tourist drawcard

Award-winning tracks in the Orara East State Forest are attracting plenty of admirers.

State Forest attractions claim major tourism award.

Highway upgrade at Halfway Creek making progress

Works are progressing quickly on the Halfway Creek to Glenugie section of the Pacific Hwy upgrade. The project is due to be completed by the end of 2017.

Progress is being made on highway upgrade at Halfway Creek

Local Partners

Relief for storm affected farmers

NSW Government's announces it will provide Agriculture Natural Disaster Relief following wild storms in early August.


Man builds playground entirely out of packing tape

Artist Eric Lennartson is in the process of completing his huge tape sculpture at the Ipswich Art Gallery.

VIDEO:And here's where you can play on it.

Countdown to Woodford Folk Festival begins

ECONOMIC BOON: Woodford Folk Festival is celebrating its 30th anniversary this year.  Photo Contributed

The first larger-than-life inhabitants have stepped into Woodfordia

'I need to do what I can': 65km walk for cancer patient

Karlee Robinson is walking from Caloundra to Noosa for her cousin Aaron Parker, who has terminal brain cancer.

What do you do when someone you love has terminal brain cancer?

What's on the small screen this week

Ernie Dingo stars in the TV series Going Places with Ernie Dingo.

ERNIE Dingo stars in a new travel series and Seven airs the AACTAs.

Mandy Moore feels like she's 60

Mandy Moore sees herself as a 60-year-old rather than a 32-year-old

Goooodbye Hamish and Andy (from our radios)

Hamish and Andy

The pair have been on air since 2006

David Attenborough on facing his mortality

Sir David Attenborough in a scene from the TV special The Death of the Oceans.

Life without Sir David Attenborough is hard to imagine

Circus comes to town

BUDDING STARS: Student provides a preview of what to expect

Cream of local circus crop on display after months of preparation.

Saying "I do" changed Shia's outlook on marriage

Shia LaBeouf has a new outlook on marriage since he tied the knot.

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Elegant coastal living in Corindi

BEACH IN THE BACKYARD: Meander 110m from the back door to the beach.

Elegant coastal living in Corindi

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

How your home can earn you big $$$$ this Christmas

This luxury Twin Waters home rents out over Christmas for more than $6000 a week.

Home owners earning thousands renting out their homes this Christmas

Ready to SELL your property?

Post Your Ad Here!