Tan Kin Lian's Blog: HK: DBS sued over investment losses

Wednesday, December 10, 2008

HK: DBS sued over investment losses

10 Dec 2008

A retired couple are suing DBS Bank alleging misrepresentation resulting in the loss of US$1.26 million in their Lehman Brothers-related investments. In a writ filed on Monday in the High Court, Stephen Tou Kwok-woon and his wife, Wong Fung-chun, allege that a bank executive failed to properly advise them about the risks involved in their 2006 and 2007 investments.

12 comments:

Anonymous said...: HN5 investors should ganged up and sue our long touted national bank. Hopefully, HK investors and Sgp investors could work hand in hand in this.Is there someone who could provide the link? Making more noise would drive their share price low and I am pretty sure their shareholders would pressurize the bank to settle this asap. Lose or win tats is the only way for us to live with no regrets.; December 10, 2008 11:46 AM
Anonymous said...: Yippee, when can Spore HN5 investors join in class action suit against DBS?; December 10, 2008 12:26 PM
Anonymous said...: i think this is the only alternative where you can seek for a redress?; December 10, 2008 12:48 PM
Unknown said...: Folks

I think you get your Test Case right this one

Watch how it develop

Rather how LONG and how MUCH it will cost to develop; December 10, 2008 2:17 PM
Anonymous said...: Wayang,
no more wayang please.
it will be settled out of court and it will be very fast and without a word uttered lest risk their reputation which will be more costly. Damage controlled and a PR coup.; December 10, 2008 7:09 PM
Unknown said...: "it will be settled out of court and it will be very fast and without a word uttered.."

Then i suppose you wouldnt disagree lets watch then; December 10, 2008 10:07 PM
Anonymous said...: Yes, let's sue DBS. Sue Hong Leong, UOB Kay Hian and other FI one by one to get back the money they cheated us; December 11, 2008 11:34 AM
Anonymous said...: This case shows DBS is unlikely to offer any compensation, so for those HN5 victims still hoping to get a favorable reply from DBS should wake up and open their eyes. The only way to get a settlement from DBS is to sue them.; December 11, 2008 1:01 PM
Unknown said...: The trickiest part of all these legal proceedings isnt proceeding with the legal proceedings, it just take some level of diligence to prod along with the libraries of forms on that. I see no short of determination in that aspect least.

The trickiest part is getting the Court to establish there is actually Cheating.

The next trickiest part is getting the Court to decide who gets what, and when.

No amount of determination can determine those, especially when 'some authorities' are watching. Simply watching.; December 11, 2008 1:44 PM
Anonymous said...: Two former Singapore residents have sued DBS Bank (Hong Kong) for selling them structured products linked to the now-collapsed United States investment bank Lehman Brothers.

They had sold their property in Singapore and moved the proceeds - nearly all their life savings - from DBS Singapore to an account with the bank in Hong Kong. In July 2006, the couple said, they were sold Series 43 Constellation structured retail notes for US$950,000 by a relationship manager at a DBS branch. They claimed they had initially asked about putting their money in a fixed deposit account for retirement income and told the bank employee that they had little investment experience. The relationship manager then allegedly recommended the structured notes, saying they were as safe as a fixed deposit account. In April last year, the relationship manager phoned the couple, who were by then in the US, recommending Series 73 notes, which were 'of the same nature' as their previous investment. The couple said they agreed to put in US$310,000.

The pair, who now live in San Francisco in the US, are seeking to recover the US$1.26 million (S$1.89 million) they had invested in DBS Constellation Notes; December 11, 2008 7:38 PM
Anonymous said...: Justice come to HK??
Only HK got Justice?
Interesting to watch!!!; December 11, 2008 9:32 PM
Anonymous said...: This just show how DBS and spore authorities treat and help sporean. Left to die on our own.; December 12, 2008 11:34 AM