Minibonds investors attend seminar in preparation for class action suit
By Valarie Tan and Teoh Song Keng, Channel NewsAsia | Posted: 30 December 2008 2214 hrs
SINGAPORE: Some 200 investors of the failed Lehman Brothers' minibonds have met to plan a collective lawsuit against financial institutions who sold them the products.
A seminar was organised on Tuesday evening to work out the details and costs of a class action suit.
Tham Wai Wan, 60, received the bad news last month that DBS Bank is not compensating her for her Lehman-related investments - High Notes Five Series.
A letter sent by the bank said there was no mis-selling in the retiree's case, even though Madam Tham said she and her husband had invested S$125,000 not knowing the risks involved.
She said: "We're simple and gullible folks. I've not met or spoken to DBS officers over the phone. I hope they meet me and reopen my case."
She said she cannot afford the S$5,000 to take up a collective lawsuit against the bank.
The lawyer looking into the cases said a class action suit typically takes about nine to 12 months to complete.
The suit is also likely to be a multi-million dollar lawsuit filed in the High Court.
Singapore's central bank has advised investors to seek legal action as a last resort only after seeking resolution with the banks or with the Financial Industry Disputes Resolution Centre (FIDReC).
[email protected]
By Valarie Tan and Teoh Song Keng, Channel NewsAsia | Posted: 30 December 2008 2214 hrs
SINGAPORE: Some 200 investors of the failed Lehman Brothers' minibonds have met to plan a collective lawsuit against financial institutions who sold them the products.
A seminar was organised on Tuesday evening to work out the details and costs of a class action suit.
Tham Wai Wan, 60, received the bad news last month that DBS Bank is not compensating her for her Lehman-related investments - High Notes Five Series.
A letter sent by the bank said there was no mis-selling in the retiree's case, even though Madam Tham said she and her husband had invested S$125,000 not knowing the risks involved.
She said: "We're simple and gullible folks. I've not met or spoken to DBS officers over the phone. I hope they meet me and reopen my case."
She said she cannot afford the S$5,000 to take up a collective lawsuit against the bank.
The lawyer looking into the cases said a class action suit typically takes about nine to 12 months to complete.
The suit is also likely to be a multi-million dollar lawsuit filed in the High Court.
Singapore's central bank has advised investors to seek legal action as a last resort only after seeking resolution with the banks or with the Financial Industry Disputes Resolution Centre (FIDReC).
[email protected]
