Tan Kin Lian's Blog: Class action in America - suggestion by Teo Guan Hock

Wednesday, February 24, 2010

Class action in America - suggestion by Teo Guan Hock

Teo Guan Hock is the contact person for Kirby McInerney, the US law firm that is willing to organize a class action to seek compensation in the US on behalf of the investors. They need to have sufficient investors to make the effort viable.

KM needs to have some team leaders (of the investors) to come forward to approach the distributors, e.g., DBS Bank, ABN, Hong Leong Finance, Phillip Securities, UOB, OCBC Securities, CIMB GK, to get them to individually or collectively engage KM to review the cases quickly and if fraud could be substantiated, to file class action litigation cases at the US courts to recover the losses. This would be an ideal outcome.

Timing is of the essence. The faster KM is engaged to file the law suit in the US, the chances of success would be higher. The amount to be recovered would also be higher.

If you are interested to be involved and take the lead, you can contact Teo Guan Hock at:

Mobile Tel: +6596695578
Fax: +6563820421
Email: tguanhoc@singnet.com.sg

Tan Kin Lian

9 comments:

Anonymous said...: How can our local FI's will join hand with you to sue US giants for fraud? Then it is amounting to admission of guilt and they themsevles are subject to claim by their clients.; February 24, 2010 5:04 PM
Anonymous said...: why approach distributor but not the issuer? Many of us have gone through FIDREC and we can not approach distributors anymore. We want to sue issuer only.; February 24, 2010 5:21 PM
Anonymous said...: I think if you need distributors to be involved, it is a gone case already. Why shouold the distributors get involved as the case is now closed as far as they are concerned.; February 24, 2010 7:48 PM
Anonymous said...: how much is he going to charge? guarantee to win or not - if not, don't waste my money and time.; February 24, 2010 8:09 PM
Cheryl said...: Mr Tan,

Do you mean that you want the FI to join hands to sue together because they are holding a substantial amount of Mini Bonds?; February 24, 2010 9:01 PM
Anonymous said...: Are this also included Merrill Lynch Jubilee Series 3 Notes. Thanks; February 25, 2010 8:56 AM
Anonymous said...: In my opinion,

For KM lawyers to proceed, they need information e.g. FA training material, contracts, agreements etc. At the same time, they need a high invested amount so that it makes sense for them to proceed as their reward is a % of the invested amount.

With a big group of investors investing <$50,000 and after receiving the residue value, they may not be interested anymore. For me, I lost $9k while my FI lost $7k in the shared outcome.

KM can only sue US registered companies and the fraud has to happen in US. Beyond it shore, there is nothing they can do.

Joining hands with FIs is a synergy even though there are still ill feelings. By investor alone, it is hard to get the investment amount that can interest KM. MIAG received 250 people at the height of MB and drop to 160 after fee revision. DBS HN5 received 200 people and no update from Pinnacle.

MIAG this Friday is meeting and deciding the next course of action and it could also mean walking away.

I feel that this is MB, Jubilee and Pinnacle last shot for compensation and the good thing is there is no cost involve. But KM has to have a huge investment amount to proceed with the suit. Who has the most notes for MB? The FIs.; February 25, 2010 11:43 AM
Anonymous said...: We are on bad terms with the FIs
for the past two years, wrangling
and quarelling over the failed products. We don't think they care
to get involved, esp the brokerage
firms who gave the least compensation among all FIs.
Besides some FIs are being sued in
the court here, and bad blood has
occurred as a result.; February 25, 2010 1:39 PM
Anonymous said...: Yes, bad blood has occurred in the process of mediation.

If KM lawyers offer is attractive, go for it. We have nothing to lose. And if KM also want to represent FIs, my suggestion is that this is KM decision and we should not walk away from the proposal. Ultimately, FIs and us are trying to get back the outstanding sum of money back.

Just my thoughts.; February 25, 2010 8:19 PM