Saturday, December 06, 2008

HK: Minibond investors to sue HSBC

http://www.thestandard.com.hk/breaking_news_detail.asp?id=10620

Lehman Brothers minibond investors plan to sue the minibond trustee, US-incorporated HSBC (0005), after Hong Kong banks postponed buying back the structured products.

Peter Chan Kwong-yue, chairman of investors action group Allied Victims of Lehman Products, said the action group has been approached by US legal firm offering to represent minibond investors in Hong Kong filing the lawsuit.

Meanwhile, the Hong Kong Monetary Authority has received 19,196 complaints concerning minibonds as at Thurday. HKMA today referred 21 complaints of alleged misconduct tied to Lehman Brothers financial products to the Securities and Futures Commission for possible action.
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3 comments:

Wayangnologist said...

"..plan to sue.."

"..has been approached by US legal firm offering to represent.."


i think we should keep an alert for more news

December 06, 2008 3:29 PM
Anonymous said...

For those investors with small sums eg <$50K invested, I think it may not be worth pursuing. The legal and what not fees may not be worth it unless the judgement calls for footing their legal bills as well if they won. But it may not be the case, or worse they may even lose.

Seems like the best thing is not to get into such shit in the first place. Hence lesson is not to be greedy for even slightly higher returns.

December 07, 2008 7:55 AM
Anonymous said...

it looks like legal rights belong to those who are able . The ordinary folks have to look helplessly.
What have you heard of 'prepaid legal service'? It is service provided and the legal firm bears all the cost. if it wins it gets a cut from the proceeds.

December 07, 2008 10:16 AM

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