More Federal Court action on Rembrandt Notes
The Federal Court decision impacting ratings house Standard & Poor's and investment bank ABN Amro over complex financial products does not represent the end of the issue, with publicly-listed litigation funder IMF Australia backing further proceedings.
IMF Australia announced to the Australian Securities Exchange (ASX) late yesterday that it had agreed to fund litigation against ABN Amro Bank NV and McGraw Hill International (UK) Limited (the owner of Standard & Poor's) in relation to the purchase of Community Income Constant Proportion Debt Obligation Notes - Rembrandt Notes 2.
The announcement said the litigation followed on from this week's Federal Court judgement.
It said the litigation had been started in the Federal Court by Muswellbrook Shire Council on its behalf and as a representative of other investors.
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