Sunday, October 12, 2008

Forex or dual currency transactions

Dear Mr. Tan,
After reading your blog, I am really impressed by your untiring effort to help us, the poor retail investors who are 'cheated' by our financial institutions.

In my case it is not the structured products, but in forex trading by a foreign bank. Please advise how I could form a group of interested parties who may have suffered the same problem as me in taking a class action against this particular bank which I will not name.

REPLY
I have created this Petition for customers in similar situation to give their particulars.

http://www.petitiononline.com/PCFXT1/petition.html
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3 comments:

Anonymous said...

Dear Mr Tan,

looks like a whole pandora's box will be uncovered. Catalyst being the lehmann mini bonds petition. Consumers, now will take the opportunity to cry foul on almost any investment gone bad, including forex trading.
It is very easy to say you don't know the risk/don't understand the risk now that the investment has soured. But was this what you were thinking at the point of purchase? Or were you focusing more on the potential returns? Many times, consumers themselves tend to practise 'selective listening'.

October 13, 2008 12:33 AM
Anonymous said...

i believe with the sharp drop in aud/nzd, many customers would cry foul that they do not understand the technicalities of forex and dual currency investments. but often, for people that deal with forex, they understand the downside risks. but do thank god that the unlike lehman's structured products, the value of the currency wld not fall to zero. at the most, wait it out.

October 13, 2008 12:45 AM
Anonymous said...

You have no strong case on loss due to forex trading. Just cut loss and quit.

October 13, 2008 11:43 AM

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