Lehman Brothers minibond investors have had their hearing at the Small Claims Tribunal in Wan Chai adjourned to March 23.
More than 10 investors who had bought products from banks such as DBS, Bank of China and CITIC Ka Wah filed cases with the tribunal, which has the power to claim compensation up to a ceiling of HK$50,000.
At the hearing, DBS representatives applied for cases against their bank to be heard in the District Court, citing complications in the case and the bank's need for legal representation. Cases needing legal representation cannot be heard at the tribunal.
More than 10 investors who had bought products from banks such as DBS, Bank of China and CITIC Ka Wah filed cases with the tribunal, which has the power to claim compensation up to a ceiling of HK$50,000.
At the hearing, DBS representatives applied for cases against their bank to be heard in the District Court, citing complications in the case and the bank's need for legal representation. Cases needing legal representation cannot be heard at the tribunal.
DBS strategy is that the cost of the legal fees will discourage investors from filing their claims in a district court.
ReplyDelete"At the hearing, DBS representatives applied for cases against their bank to be heard in the District Court, citing complications in the case and the bank's need for legal representation."
ReplyDeleteSo now DBS admits that the structure of those credit linked notes are complicated and needs legal representation. It is not a simple product that can be understood and sold to their customers over the counter. If the sellers need legal advice to settle claims in a tribunal, what about the buyers who just walk in and bought the product in about 30 minutes. Can they understand the structure, risk, rewards and legal complications of the products, with their eyes and ears opened.
if i hadnt expected the poster as feeling possibly 'victimised', i'd have been misled by misleading statements that were actually meant so!
ReplyDeleteThe FIs said complications in the case, they didnt say the case is complicated.
Yes, English is helpful if you want try investing and avoid claiming being misled.
Now i have suspicions about how prospectus are read. Or misread ahem.