Just days after a NSW local council won the rights to view Lehman Brothers’ insurance policies in its bid to recoup $29 million of lost monies, the investment bank has appealed the decision.

Wingecarribee Shire Council GM Mike Hyde told insuranceNEWS.com.au the council has been advised that Lehman will seek leave to appeal the Federal Court’s decision.

Justice Rares was expected to grant them leave on Friday, with the appeal to go to the full sitting of the court today.

“It’s a big disappointment for us,” Mr Hyde said. “We really want to get access to those insurance details, and we firmly believe that there’s no basis to deny us that.

“If we win this now, that will be a real statement about what the rights and wrongs are.”

The appeal comes after the Federal Court last Tuesday ordered that insurance contracts, including professional indemnity policies, be produced by Lehman. It also awarded costs in the council’s favour.

Wingecarribee Mayor Duncan Gair says he anticipates the appeal process will be dealt with very quickly so the council can access and examine the contents of the insurance documents before the second creditors’ meeting on Wednesday.

Lehman’s administrators are seeking a deal with creditors, with one of the proposed deeds of company arrangement potentially barring the council from continuing its legal action.