It is sad that the retail investors lost the appeal with cost. This means that they lost their investment and also have to pay their lawyer's fees. So, their loss is compounded.
Singapore Investors Lose Bid to Recoup $14 Million Lehman-Related Losses
The Bloomberg article did not mean the words "with cost". I remember reading it in the newspapers. I believe that this meant that the investors also have to pay the legal fees of DBS Bank (but I need someone to confirm this fact).
In contrast, read this Good News for Pinnacle Notes Investors
I have this impression that those investors are bind to very high standard of the law and the bank is allowed to wiggle around.
ReplyDeleteAnyway, the result in expected. Who ask us to be Singaporeans. If you are in Hong Kong, you will be compensated by DBS many months ago.
ReplyDeleteVery sad indeed, and people here consider DBS as their "National Bank".
ReplyDeleteHeard that a Malaysian Bank operating in Singapore made some compensation to their clients who bought complex investment products related to Lehman Bros. These clients also signed contract statements no different from High Notes investors. What is 18m goodwill
as compared to the hundreds of millions made by DBS. Shame on DBS.