Thursday, July 15, 2010

Pinnacle Notes

If you have invested in Pinnacle Notes that have turned bad and you wish to join the legal action to be filed in US courts, please send an e-mail to tkla.km@gmail.com, giving your name and contact number. We will send you a Q&A and a form to provide further particulars.
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3 comments:

Anonymous said...

Mr. Tan, thank you

July 15, 2010 10:23 PM
AC said...

Mr Tan, I have joined the legal action as mentioned by you. Thank you. I have one point to make.

According to MAS' 3-step process, it seems that we have to deal with FIs/FIDREC but not Morgan Stanley (MS). MS seems to be out of the picture completely and I am not sure whether MS is doing anything to help. If yes, please let us know.

From the letters sent out by MS to all the "victims", it says "..if you have any questions, consult your own legal, tax, accountancy,...." or "we are under no obligation to provide information in respect of the notes ..." The tone of these messages sounds arrogant and irresponsible to me, and it feels like they are telling us "too bad, you have bought a lousy product, it's not our fault, go talk to someone else..". And yet, we read from newspapers that MS is still making billion dollars of profits.

In the physical product world, like the recent Toyota recall case, there are liabilities that maunfacturers have to be accountable for, even after they have sold the products. Sadly, this is not the case for the PN. Why can't we have similar liability regulations for non-physical products to protect consumers ?

Taking legal action is one way, but I think a more effective way is to have non-profit outfits like ConsumerReports.org, which offers independent expert views on products. CASE could be a good candidate to do this. I like the way Consumer Reports dealt with the iPhone 4 problem. They openly published the reasons why they are not going to recommend the iPhone4 to consumers.

Another way, which I am going to do personally, is to boycott all products/services from MS for the time being. I believe corporations can make money, but they must do it with social responsibilities in mind. When we buy products from well known brands, we have high confidence about its quality, reliability and service to customers. MS is a
well known brand, but their involvement in and responses to the PN case is going against what a well known brand stands for.

July 26, 2010 11:07 AM
Unknown said...

My parent has made a complain agaist the FI for the Pinncale note 7 which she invested in. The compensation she received is only $3k out of the $10K she put in. Should she reject it? Her age is 63years old this year and has only primary school education. She can only speak Chinese. Does she falls into the vulnerable category?

July 27, 2010 12:11 AM

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