Dear all,
After seeing these facts, it is clear that in many cases there was some level of "misrepresentation" and agressive selling to clients with a very low risk profile.
I guess we will await what happens with MAS (and maybe HSBC as the trustee for Minibonds) but it may be a good idea to be prepared on taking the "legal route" in addition to the petition which was an excellent move.
Mr. Tan Kin Lian,
With your tremendous experience coupled with the spirit to help, we will very much appreciate your advice and recommendations. Speaking for myself, I am prepared to pool in my time and resources .
Thanking you in anticipation, Regards
REPLY
I hope that MAS will help the investors in this matter.
If MAS does not help, the investors will have to take collective legal action. I will try to look for a lawyer who is willing to act for the investors. Most of the large legal firms have existing connections with banks and are not able to act for the investors. This is a sad state of affairs.
This is another reason why MAS or government has to step in, otherwise the retail investor victims will have no fair redress against the giants as no lawyer dared to take up case against their largest banking clients. Sad
ReplyDeleteI am wondering how we can proceed to file a suit against the FIs. There are probably more than 10 FIs involved, including stock broking houses, foreign and local banks, finance companies, etc.
ReplyDeleteAre we going to sue them individually or collectively? How about MAS which approved the sale?
I see this is going to be a long and time consuming process. There is simply no way we can fight this case!
Each investor can join other investors to file a suit against the financial institution that sold the product to them. They have to share a common ground, i.e. mis-representation, failure to give a recommendation on a reasonable basis, failure to advice on the risk.
ReplyDeleteYes, let's sue them. I am filling to contribute financially. it seems MAS just wants to be a spectator.
ReplyDeleteYes, let's pool resources and sue them.
ReplyDeleteGood suggestion, lets meet on 11 Oct at the Speakers' Corner and group ourselves according to FIs and pool our resources to act fast before its too late.
ReplyDelete