Friday, February 05, 2010

Seminar on class action

More than 90 people have indicated interest to attend the seminar in March that is being organised by the US lawyer on class action in America. If you wish to attend, please give your particulars here.

I am still waiting for details from the lawyer on the date, time and venue. I will give the details when they are finalized. The seminar is free. The proposed class action is on a "success fee" basis, i.e. the investor will share a part of the proceeds with the lawyer for their work. Typically, the share will not exceed 35% of the amount recovered, but could be less, depending on the work that has to be done. However, the lawyer will bear the cost (i.e. expense and time)  if there is no recovery.

However, the American lawyer will only take up the case if the chance of success is fair (and not weak), and there is sufficient amount to be recovered and the culpable party is still solvent. There is no certainty that all these conditions can be met. But it is worthwhile to attend the seminar and hear the lawyer.

I did not organize this seminar. The US lawyer approached me for assistance through their Singapore representative. I am willing to help, as it may be useful to the Singapore investors, especially the holders of the Pinnacle and Jubilee Notes, who wish to seek compensation from the issuers of these notes.

Tan Kin Lian


C H Yak said...

"However, the lawyer will bear the cost (i.e. expense and time) if there is no recovery."

Interesting, this suggest "contignency fees", will our legal system permits it?

BTW, I am not an affected investor.

Anonymous said...

Thank you TKL. You are doing something good while it is up to each individual to decide whether to support the American Lawyers after the seminar.

See you there. Cheers.

Tan Kin Lian said...

The legal action will be taken in USA, where the "success fee" method is allowed.

I hope that this type of approach is will be allowed in Singapore one day. I spoke to senior lawyers about it, and they agreed that the "success fee", also known as "contingency fee" has its merits.

Anonymous said...

I sure to support this class action. However, is there minium no. of people request?

Anonymous said...

I believe this is a fairer way and motivates the lawyer to win

Anonymous said...

Thank you Mr Tan. I hope to recover some money from the Pinnacle and Jubilee notes. I did not join Conrad's case because he doesn't want to handle those 2 notes and I had my money spread among MB, Pinnacle and Jubilee thinking that it's diversification and how foolish I was on hindsight ! I had registered for the seminar.


Anonymous said...

is the seminar for minibond or others as i only have minibond

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