I have registered my complaint with FIDREC. Can I wait for their reply, before deciding on the class action? When is the closing date?
REPLY
You must register for the class action now. The lawyer will accept your registration on a tentative basis, and allow you to withdraw if you accept an offer of settlement through FIDREC. You should also learn about the advantages and risk of the class action now.
If you wait for FIDREC's reply, it may be too late for you to join the class action. It is all too late for the lawyer to accept you at that time.
To register for the class action, you must see the contact person for the product that you have invested. This is shown in my blog. Search for it there. Please do not expect me to handle your individual request or to give individual advice, as I do not have the time to handle so many people.
15 comments:
I understand that the Lawyer working towards the Class Action is not interested to include investors who bought from broking firm. This will definitely reduce the class action group size and therefore increase the amount you have to pay for the class action. Can someone explain why investors who bought from broking firm are rejected.
Dear Mr. Tan,
Have you have shared the Queen Counsel assessment of our case with the various group leaders yet? I have not received any information from them. Thanks.
Willy
The ugly side of greedy investors are showing again. They expect to get free advice without any effort on their part. They keep silent and did not play their part to support the group but when the fire is at their backside then they bother to ask redundant questions and expect free help. Now I understand why those honest and straightforward talk did not convince them but they are convinced by crooked and greedy talk. Birds of a feather flock together.
I refer to the comment at 8:32pm :
If the lawyer for the class action does not want to include the investors from the broking firms, how much will each investor now have to pay to join the suit? Is it double of what was proposed at the last seminar at Dover Road(since the group is much smaller now). Kindly clarify so that we can decide if we can afford it.
Dear Mr. Tan,
May be you can share the QC opinion during the minibond seminar?
If the lawyer taking up Class Action is not interested in representing those who purchased their products from Broking firms, then this group of victims will be left stranded. As it is, those who invested through the Broking firms (as opposed to those who invested through the banks) have already been discrminated, as evident by the recent announcement from MAS which showed a huge disparity in the proportion of compensation cases offered by the banks as compared to that offered by the broking firms. This being the case, broking firms will even adopt a tougher stance when handling complaints from victims who purchased their product from them. Mr. Tan, what do you suggest for this group of victims?
I hope this will help.
For HN5 investors, there will be a forum on class action this coming 18th, Feb at 6:30pm. Place and venue as follow.
PSB Acdemy Delta Road Campus
355 Jalan Bukit Ho Swee
Ph: 6885 1000
(Next to Tiong Bahru MRT)
Blk D, Level 1, D-113
For Minibond, contact
LEONARD LOO & CO
Advocates & Solicitors
25 Tagore Lane #04-06
Singapore 787602 (opposite Thomson Used Car Centre)
Mobile : (65) 969 55694 65-98456225
You ahve to join the group actively and get constant update while talking to the FIs or FIDReC
Is there any reason why investors who bought from broking firm are not included for the class action.
It is very simple. You think that everybody is like Tan Kin Lian who does things not for money? Lawyers, financial advisers, bankers etc all do things for money, if they do not think it is worth their while, they will not do it. They are not doing it for justice but for money. So be sure you are not jumping from the frying pan into the fire. The sane thing to do nowadays is to avoid all these people all the time in order not to have an early death. Simply avoid them. This is the prevailing culture in modern day Singapore, where money comes first. There are not many people lik TKL left so lets appreciate them.
I bought from brokerage and have been rejected. Why is the class action not open to me? Is there another lawyer acting for this group?
Anonymous said...
I hope this will help.
For HN5 investors, there will be a forum on class action this coming 18th, Feb at 6:30pm. Place and venue as follow....
I invested in HN2 which is still struggling to keep above water. Is there anything that the HNIG can advise to such investors like me? The FI will not compensate us as this HN2 is still considered on-going and paying interest (my complaint has been rejected). But the very fact that this is a toxic product with high hidden risk makes me feel very uneasy to hold it till maturity (2011).
What is the reason for brokerage firms to avoid compensation to victims of the financial tsunami. Just 1% was compensated fully. Does writing to the MAS helps in this case.
Hi All, How to register class action. Please advice.
CH
Hi CH 8:47am- Please contact your group leader. Contact e-mails can be found in Tan Kin Lin's blog. I believe there are a few potential action classes going on.
Why not delay the class action for a month or so. This could allow more cases resulting in lower cost.
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