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Thursday, January 15, 2009
"Pinnacle Action Group" formed to work on a possible Class Action
(1) A working committee of 6 investors (informally called "Pinnacle Action Group") have come together to work on a possible class action for Series 1,2,3,5,6,7,9 & 10 of the Pinnacle Notes. Series 9 & 10 have been declared worthless and the other Series were notified in December 2008 that they are close to but not yet declared worthless. The fate of these other series now hang in the balance. The group feels that we cannot allow this tragic event to go unchallenged
(2) We have briefed several Senior Counsel (SC)and the proposed class action will,unlike the case of Minibonds, be against the arranger of the Notes, viz Morgan Stanley Singapore. An official website to facilitate the organizing of the proposed class action will be launched as soon as one of the SC briefed has been appointed to take on the case.
(3)The proposed class action will target 1000 or more affected investors in the various series to join in .The legal fee structure proposed will be simple and affordable - perhaps as low as only about $1000/- per head - on an all-inclusive basis right up to appeal stage , win or lose. To do this , we need 1000 or more to join in. The process will also be kept simple and the issues raised will be easy to understand for all who wish to join in the proposed class action and try and recoup their losses.
To be kept informed, before the launch the official "Pinnacle Class Action" website, Pinnacle investors are urged to contact us at the email address given below. Please provide us with your:
(a) name; (b) Series bought; (c) email address, and (d) contact tel
Thank you.
Sincerely,
"Pinnacle Action Group"
(J C Chan, S Tan, C S Lim, P Loh, B T Tee and C Y Boey)
Email: pinnacle.action.group@gmail.com
TO: PAG [Pinnacle Action Group]
ReplyDeleteGreat and thanks.
TO: BEING CHEATED INVESTORS
This is the direction forward bec MAS actually tells us to fend for ourselves.
I urge all Pinnacles notes holders, whatever series you are holding, TO JOIN THE CLASS ACTION bec they will die in a matter of time. Your only hope is:
[a] file complaint under the MAS 3-step guideline, which is only FORMALITY
[b] be part of the class action, which is the REAL ACTION.
[c] More people the cost will be LOWER eg. $1,000 x 1,000 pax is $1 million war chest; $500 x 3,000 pax is $1.5 million ware chest.
[d] Even we lose (I doubt so) the can of WORMS will be pouring upon the regulators and distributors etc.
I urge investors to wait for Mr. Tan QC opinion before rushing in. The opinion will be ready by end of Jan 2009 and there is no urgency to act before that.
ReplyDeleteOne of my concerns is: If the investors lose in the legal battle with the FIs, will the FIs counter-sue the investors, or will the investors have to bear the legal costs of the FIs (which I believe the FIs would demand so)? If this happen, will the investors' costs be limited to S$1000 or even many times higher?
ReplyDeleteCan anyone enlighten us on the above issues before we plunge into this class action? As I believe most of us would want to limit our liabilities in the worst case scenario.
We're waiting for the "mid-January" answer/findings from MAS & FIs as well, before deciding on any legal action.
ReplyDeleteTo sue the arranger, it will be on the basis that the prospectus or the pricing documents are misleading or misrepresented. Since there is a QC taking a look at the Minibond prospectus on any misrepresentation, it would better to wait for the QC opinion.
ReplyDeleteIf there is any mis-selling or misrepresentation, it is between the investors and the FIs as Morgan Stanley did not sold the structured products directly.
Financial crooks all think that they can get away with it just by ignoring their customers. Remember the Fitness centre that just ignored the customer? Even did not go and attend the tribunal hearing. Ignore, ignore and ignore. Until the bailiff turn up and want to seize the gym equipment. Then suddenly can contact the big boss and decision made to return cash and keep the change some more. Never see coffin will not shed tears. This is how these opportunists work. They know that most people are afraid of the extra effort and the uncertainty of winning or losing and the fear that they waste more time and money pursuing the case. No venture no gain. These financial crooks who think nothing of eating up your money and insult your intelligence should be taught a lesson. They are not afraid of anything when they plot to take your hard earned money away from you. Why are you afraid to see justice done?
ReplyDeleteFrankly, the one who misled me into buying this toxic product is the FI.
ReplyDeleteAs such, they should be the one to compensate me.
If the FIs feel that they are misled by MS, then they should seek compensation from the latter.
I have lodged compliant to OCBC securities ,for three types of products (minibond , pinnacles & Jubilee S 3) . All have been rejected
ReplyDeleteWould like to know how this Pinnacle group form the class action.Because understand from xx Lawyer that purchases through Bank stands higher chance , whereby those buy from stock broker firm are harder to get compensation.