Investors took action against DBS on the High Notes. Their argument was on a mistake in the prospectus that led to inconsistency. DBS lawyers argued that it was an "obvious clerical mistake" and should not be used to void the contract. The court decided in favor of DBS.
I suspect that the legal fees involved in this argument of "an obvious clerical mistake" must amount to several million dollars. It is a great time for lawyers. So much fees are at stake to argue this small issue. Surely, there are larger issues of fairness, justice and responsibility of DBS in creating and issuing the High Notes?
It seems that justice does not count much in Singapore today.What seems more important is the pursuit of profits and economic growth.
Tan Kin Lian
I do agree.
ReplyDeleteIf the aggrieved investors do appeal again, I am sure DBS will also appeal.
If the Court ruled against them (consumers), they would end up with two sets of "appeal" legal costs ... this is ballooning "injustice" working commercially against the weak consumers.
How far a small investor can go to sue a big bank? Sooner or later the small investor going to collasp due to lack of fund.
ReplyDeleteThe judgement miss the big picture. The big picture is this is not a clerical mistake, the case is about small investors' hard earned money entrusted to a national bank. Those investors expect this national bank to grow and take good care of their money. Unknown to them, their money was used to insure other people investtment, very possibly it was used to insure the bank's investment.
Yes, I agree with your view that Lawyers are trying to make a fast buck from victims of bad customer service and businesses trying to cheat consumers.
ReplyDeleteThe sudden closures of spas - Subtle Senses True Spa Wax in The city, etc.
school closures, etc..
very sad.