Tuesday, December 14, 2010

Capitalist system and its safeguards

Singapore adopts the capitalist, free market system that prevails in America. However, the American system has the following safeguards for consumers:

  • If retail investors bring up a case against a financial institution and loses their case, they do not have to bear the legal cost of the other party.
  • Some lawyers in America are willing to bring up the case on behalf of the retail investors on a "success fee" basis. The lawyer will bear all the expenses and will only charge their fees and expenses on the successful outcome 
  • If there is sufficient merit, the attorney general will take up the case on behalf the retail investors, rather than leave it to them to fight the financial institution on their own. The attorney general is the lawyer for the people, as well as the lawyer for the government.
If Singapore had the same safeguards, the retail investors of the DBS High Notes would not have to suffer the outcome that they faced yesterday, when their case was rejected by the High Court judge and face the prospect of paying large legal fees, in addition to losing their invested principal.

Tan Kin Lian

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4 comments:

  1. Recruit OngDecember 14, 2010 3:50 PM

    the Spore system under the pap garment is a broken one

    vote for change, vote for reform, vote out the pap

    ReplyDelete
  2. Lye Khuen WayDecember 14, 2010 8:57 PM

    Sad, sad ! Why is it that HK investors of same lousy products seem to get better outcomes form same BANK & their Courts ? Our lawyers are looking forward to another round through the Appeal Courts. Either way, they make BIG money.

    Mr Alan S could possibily start on another book....

    Incidentally, HK is now part of China but was a British Crown Colony much like Singapore long, long ago. What happened ?

    ReplyDelete
  3. ABDecember 14, 2010 9:53 PM

    Exactly, from the moment an old thing put the blame on the victims going in with eyes opened, everything is already set, what happens after that moment is all wayang.

    There is only one way to have fairness and justice. Vote wisely for your voice to be heard.

    ReplyDelete
  4. spavicDecember 15, 2010 11:18 AM

    hi,

    the group of true spa subtle senses victims on facebook group is looking for a lawyer who is willing to help file a lawsuit against true spa.

    the grounds is that even though small claims tribunal granted true spa victims a win, true spa still refuses to pay.

    true spa still operating in other countries.

    now true spa wants to get victims to pay more to transfer to true yoga and true fitness. not sure if birkam yoga also since owned by same people.

    if u are a lawyer who can help, please join the facebook group - victims of true spa subtle senses..

    ReplyDelete