Page last updated at 17:56 GMT, Wednesday, 15 October 2008 18:56 UK

Pension cash with failed US bank

Lehman Brothers
Lehman Brothers was America's fourth largest investment bank

Northumberland County Council has 11m of its pension fund invested in failed US bank Lehman Brothers, an MP has told the House of Commons.

The authority has already admitted it has 23m invested in three failed Icelandic institutions.

Blyth Valley MP Ronnie Campbell called on the Local Government Minister John Healey to investigate the situation.

The council has said it acted appropriately in its investments and was "not affected in isolation".

Lehman Brothers, the fourth-largest investment bank in the US, filed for bankruptcy after being hit by the economic downturn.

Mr Campbell told the Commons: "What we have been told is that is safe and the should get our money back.

"But I hope the minister is listening and that when he has got his team up there he can inquire into what happens to this 11m."

Northumberland County Council has said it is liaising with the Local Government Association (LGA) over its foreign investments.


SEE ALSO
Councils 'not reckless with cash'
10 Oct 08 |  UK Politics

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