Tuesday, November 18, 2008

Asians fail to join class action claims

Dear Kin Lian,

I am not one of those affected investors, but I think this class action in US could be something for our institutional investors to think about. Thank you.

Asian investors are missing out on billions of dollars by not taking part in class action lawsuits against US companies whose managers have been accused of improper corporate behaviour, according to a study.

Pension and asset managers in the region failed to claim a combined $1.5bn in compensation between 2000 and 2007, said Goal Group, a class action services specialist.

This article can be found at:

http://www.ft.com/cms/s/0/a74a4388-b409-11dd-8e35-0000779fd18c,_i_email=y.html

5 comments:

Anonymous said...

how much. experience told that another few millions USD legal fee may yield nothing.
SImple.
DOn't ever trust any american bankers for the NEXT 100 years.

Anonymous said...

I think it would be very helpful if we can get some honest comments from the RM's of the banks to speak the truth. Such as, what they were told to tell the investors, what they were told to avoid saying then and now, etc.

Anonymous said...

Class action is almost impossible given the context how these products are sold.

Different contexts means different cases, means no class action.

So dont rely on that concept (or possibility) too much hence

Anonymous said...

6.39, you said don't trust american bankers but you forgot the rating agencies are in collusion too! These agencies get paid to rate the robbers favourably. The whole systemic failure of unbriddled freedom in the name of creativity encouraging unbriddled greed are richly rewarded. Guess who laughs all the way to the bank? The vary same robbers who have bankrupted the banks they once managed! And who picks up the bill, got retrenched, pay cut? The innocents and taxpayers. Just look at how they spend the US$700 billion rescue package paid by the taxpayers. The highly paid still get big fat bonusses instead of being asked to pay back! Singapore has adopted the american system in the workplace. Look at our performance bonus system. It encourages office politics, back stabiing, greed, boastfulness, favouratism, etc and it is implemented in almost all private and civil service jobs. Will we end up like the american bankers?

Junyang said...

Unlike the US, Singapore do not have a clear framework or procedure to carry out a class action. I think it is not impossible, but relatively difficult and cumbersome to do one here.

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