Friday, March 20, 2009

Pinnacle Action Group: Class Action in U.S. Courts being considered

Dear all

A top US law firm is interested to actively pursue on behalf of all Pinnacle investors a class action in US courts. It will be on a contingency fee basis - "no win, no pay" and all investors will be automatically included, unless they opt-out, after the class action is filed with US Courts. It will be an action similar to the one being done for Hong Kong Minibonds investors.

However, under US law such a class-action can only be initiated if there are at least one or more lead plaintiffs who fit the following criteria:
(a) US citizens who bought one or more of series of the Pinnacle Notes;
(b) Spore citizens with bank accounts kept in a US Bank who bought one or more series of the Pinnacle Notes;
(c) Spore citizens who own homes in the US who bought one or more of the Notes.

If you fit into any of the 3 criteria mentioned in the above paragraph, please contact us with your name; tel. no.; email and other details such as Pinnacle series no . that you bought, etc. We will forward the information to the US law firm, which for confidentiality reasons cannot be revealed at this early stage. When the US law firm in turn contacts you in the matter of the proposed class action to be pursued in US courts, you will know who they are.

This 'US style' class action, by the way, is separate from the proposed class action we are planning for all Pinnacle investors under Spore law and pursued in Spore courts. In the Spore case, we will be making an official announcement when we have finalized the details. It could take another 2-3 months more to do that since there are many details to iron out. But don't be discouraged, we are not going to allow this matter to simply evaporate and will work vigorously to pursue justice and compensation.

Best regards
Pinnacle Action Group

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