Just fyi only.
Channel NewsAsia - Friday, October 24SINGAPORE: Many in Singapore are asking the banks to compensate all investors who have bought structured products linked to the collapsed Lehman Brothers, after DBS Bank, MayBank and Hong Leong Finance announced they will compensate specific groups of investors.
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Lawyer Leonard Loo said: "If banks take the position that they wish to compensate the group of vulnerable investors because of mis—selling, I’m sure mis—selling must have occurred to the general population who bought these investment products as well."
In fact, Mr Loo said the people seeking advice are actually younger professionals and those with tertiary education or higher.
"It’s really fair to those elderly people because you take care of them first, but it’s definitely not fair to us. Because we’re also not professional in this field," said one of the investors, Ho Siu Lok.
Another investor, Clarice Wee, said: "I don’t fall into the groups that they mentioned. So the only thing that may help me is that they find an alternative institution to buy it over. So I’m hoping for that option."
Since Monday, more than 100 investors have streamed into the law firm Leonard Loo & Co to seek advice.
Mr Loo is encouraging more of such investors to come forward to get ready to form a class action.
However, he said this does not mean the group will eventually sue. All it means is that the group can come together to share resources and information for now.
— CNA/yt
Channel NewsAsia - Friday, October 24SINGAPORE: Many in Singapore are asking the banks to compensate all investors who have bought structured products linked to the collapsed Lehman Brothers, after DBS Bank, MayBank and Hong Leong Finance announced they will compensate specific groups of investors.
ADVERTISEMENT
Lawyer Leonard Loo said: "If banks take the position that they wish to compensate the group of vulnerable investors because of mis—selling, I’m sure mis—selling must have occurred to the general population who bought these investment products as well."
In fact, Mr Loo said the people seeking advice are actually younger professionals and those with tertiary education or higher.
"It’s really fair to those elderly people because you take care of them first, but it’s definitely not fair to us. Because we’re also not professional in this field," said one of the investors, Ho Siu Lok.
Another investor, Clarice Wee, said: "I don’t fall into the groups that they mentioned. So the only thing that may help me is that they find an alternative institution to buy it over. So I’m hoping for that option."
Since Monday, more than 100 investors have streamed into the law firm Leonard Loo & Co to seek advice.
Mr Loo is encouraging more of such investors to come forward to get ready to form a class action.
However, he said this does not mean the group will eventually sue. All it means is that the group can come together to share resources and information for now.
— CNA/yt
