Tan Kin Lian's Blog: Class action against Morgan Stanley relating to Pinnacle Notes

Tuesday, February 07, 2012

Class action against Morgan Stanley relating to Pinnacle Notes

Here is an update of the case, as posted in the website of the lawyer acting for the Singapore investors.
http://www.kmllp.com/news.asp?type=cases&id=324

7 comments:

Anonymous said...: No different between DBS High Notes and Pinnacle except DBS is owned by Govt. Thus the Singapore Court ruled differently from US Court i.e. >200 DBS High Notes investors sued the Govt Owned Company in a Govt Court with a expected outcome of losing the suit. Another example of how Singaporeans are treated in their own country Justice System. The other interesting fact is that MAS don't think there is anything wrong with DBS High Notes or Pinnacle and the retail investors are solely responsible regardless when the US court declared that "even a sophisticated investor armed with a bevy of accountants, financial advisors, and lawyers could not have known that Morgan Stanley would select inherently risky underlying assets and short them.”. The former MD Heng Siew Kiat was promoted to Education Minister after GE2011. I hope the Pinnacle Investors win and this will clearly show how bias & unfair our Govt is and at the same time they demanded to be paid the highest Salary in the World because they are honest, not corrupt and work for Singaporeans. Sign.....; February 07, 2012 1:14 PM
Anonymous said...: In US then got a chance for justice. If court case heard in S'pore, gone case liao. Like the recent high notes case against DBS. Somemore the aggrieved investors still need to pay legal costs for themselves *and* DBS too.

At least in US, the investors are going for contingency fee basis i.e. no win no fee. I won't mind contributing 30 cents to recover 70 cents of every dollar I lost, instead of having to bear 100% lost plus coughing up even more money to pay legal costs for nothing.; February 07, 2012 3:39 PM
yujuan said...: Singaporeans are really pitiful, have to fight for Justice in a foreign country, have to seek help from outside to protect the true blue citizens from being bullied in our own country.
No wonder so many local talented citizens leave this country to seek a better life abroad, creating a net outflow of people, and the Govt has to open the foreigner gate to make up for the citizens loss.
Dun blame us for not bringing in the stock, we are forced to forgo kids or emigrate by this Govt, and parents like us are encouraging them to make the move. Blame yourselves, PAP, for the shrinking population.
Pinnacle holders, have faith in the American Judiciary. Whoever takes over the Govt, the Judiciary and the Army there are independent, they are not biased or compliant as in Singapore.
Will be a long drawn legal affair, but at least American lawyers are fighting for you on a contingency basis, and dun forget this legal collaboration was arranged by TKL at the Yio Chu Kang CC and this blog here. Outsiders like us would pray for your success.
God bless.; February 07, 2012 10:04 PM
Anonymous said...: looks like the crooked companies know that they can win if they fight their case here, hence their action to prevent plaintiffs from suing them in U.S. I have long suspected that our govt work with foreign entities against our interest and these actions confirm my suspicions; February 07, 2012 10:44 PM
Anonymous said...: Even Ntuc Income is special...someone inside at management level said that ntuc is treated differently on compliance. The agents can push product and no need to meet the reasonable basis of the FAA also can and alll close their eyes.; February 08, 2012 9:32 AM
Anonymous said...: Wait till you attend the Fedrec arbitrition court conducted by semi retire judge. Look at mas on 7 july 09 investigation of mis selling. People who attended the court before investigation report release received compensation easily so that sgp govt can declared outcome better than Hongkong. After release of report, most get nothing. Don't know what kind of judges we have. No backbone, all follow script from mas or govt.; February 09, 2012 12:31 AM
Anonymous said...: Morgan Stanley who created the failed Pinnacle Notes has applied to S'pore High Court to argue that the case can only be heard in S'pore and not in USA. So Morgan Stanley obviously know it will be in their favor if case is heard here.; February 10, 2012 9:10 PM