Dear Mr Tan,
In US, there is a class action lawsuit against banks that misled retail investor to purchase Lehman Brothers Preferred Stock, Series J.
I think all affected investors must demonstrate the perservence and will power to want to go to this stage if necessary. Those FI / banks who misled / misrepresent must be taken to task. This is also for the benefit of the next generation of Singaporeans. If not, the young ones will come to the conclusion that it is ok to misled / misrepresent as long as there is legal loophole to take cover in! Also, to others not affected in this saga, do not be too happy or count yourself lucky that you are not invoved. You NEVER know when these FI / banks will outsmart you and you fall victim to it. Just look how they engineered the entire package (names) / coupled with young RM with quotas / approval from MAS / Legal paper and etc. We all become wiser after this eposide but they will also evolve even more...especially when the regulator say " ...no power..."
"The class action lawsuit alleges that the statements made in the Offering Circular by the underwriting syndication were materially false and misleading. Many investors were advised by their financial advisors that the Lehman Brothers Preferred Stock, Series J was a suitable investment for risk adverse investors. Brokerage firms are obligated to give and investors are entitled to rely upon brokerage firms for, competent, suitable investment advice in accordance with the Financial Industry Regulatory Authority (FINRA) Rules and Regulations. Sales practice violations by financial advisors, such as the recommendation of unsuitable investments and concentration in a particular security or sector, are both violations which may qualify an investor for an individual arbitration claim with FINRA."
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