Tan Kin Lian's Blog: HK: Lehman losers eye US class action move

Wednesday, December 10, 2008

HK: Lehman losers eye US class action move - press

Representatives of two United States law firms are expected to arrive in Hong Kong soon to establish links with local investors of the failed Lehman-related products in a bid to launch a no-win-no-pay class action in a US court.

Democratic Party lawmaker Albert Ho said yesterday the class action, if launched, would not affect local attempts at mediation, arbitration and buybacks in court cases.

"There is no collective litigation in Hong Kong," Ho said. "Besides, investors will only have to pay the lawyers should they be compensated [because of the no- win-no-pay approach, which is outlawed in Hong Kong]."

He said another major difference was that the US class action would be against the trustees while the Hong Kong cases are against retail banks.

10 comments:

Anonymous said...: can ask them to come singapore as well...:); December 10, 2008 11:30 AM
Anonymous said...: Can we team or join force with HongKong Minibond victims for the US class action to get back the justice we due for, since our Authorities here are so vulnerable in helping us out in this saga? Can someone help to organise this?. Feel so helpless...

Thank you Mr Tan and lots of selfless peoples who have done all the things to keep us update.

Jason58; December 10, 2008 11:50 AM
Anonymous said...: Can something similar be done for our Singapore victims? It's a "no-win-no-pay" class action! It's a win-win situation for all victims!!; December 11, 2008 6:44 AM
Anonymous said...: When are they coming to spore.
No win no pay approach is excellence.; December 11, 2008 6:52 AM
Anonymous said...: Please , please Mr Tan. Please ask them whether they could open to Singaporean Minibond holders. Sorry to the FIs.. this is one of my Christmas wishes.

Thank you again Mr Tan and have a good day; December 11, 2008 9:45 AM
Anonymous said...: I agree. Can Mr Tan Kin Lian or someone with contacts or knowhow get in touch with the lawyers representatives to get them to come Singapore?
We will be very interested to join this class action; December 11, 2008 11:32 AM
Unknown said...: I wonder why the FIs and other figureheads are that quick to dismiss Investors as plain greedy

Could it be because these Investors only want to bear the burden of a SUCCESSFUL investment free of responsibility or that they only want to find lawyers who are equally as keen (and desperate) to accept their clients who are only interested to bear that same burden of a SUCCESSFUL law suit as a compensation for their FAILED investments, again free of responsibility

in short, Free Heavy Burdens; December 11, 2008 1:34 PM
Anonymous said...: Genuine investors only want to see their monies work harder for them!! How can you say they are greedy when the return is only 5% with all sorts of hidden time-bombs.Those chow angmo investment banks are the swindlers & cheaters who deserve to be brought to court to answer for their crimes.; December 12, 2008 8:09 AM
Anonymous said...: MiniBonds in HK uses HSBC U.S. as their trustee hence the lawsuit could be in the U.S.

MiniBonds in SG uses HSBC SG as the trustee.; December 13, 2008 12:57 AM
Anonymous said...: talking about thieves there are so many in the insurance companies,
the mdrthieves, the cothieves and tothieves.
smart or stupid thieves?
they are licensed thieves.; December 14, 2008 6:05 PM