Wednesday, February 03, 2010

Class action in America

An American legal firm, specializing in class action suits, is holding a seminar in Singapore in March to explain their service in assisting investors to seek compensation under US securities laws for their investment losses due to wrong doing by the financial institutions. More details about this service is shown in this video.

This firm will only collect a fee based on successful outcome of the legal action. If there is no recovery, no fee is payable. More details of the seminar will be announced later, when details are finalized.

Please provide your particulars in this form, if you are keen to attend the seminar.


Anonymous said...


I will definitely support this type of Foreign Talent!

Anonymous said...

Please refer to MAS consultation paper for your rights as from now. If insurance agents or RMs deviate from the rules report them and the company. Many insurance companies are not sincere in implementing the new guidelines , they skirt them with vague and ambiguous statements.
If you find agents or companies' KYC that not up to expectation report them to MAS. This is your job to help level the field.

Anonymous said...

Is this Patrick Daniels? He is ideal for the kind of job. Hope it is him.

Singapore Short Stories said...

Thanks Mr Tan for sharing! I will attend the seminar!

Anonymous said...

Yes, this is the kind of FT's that we need.

By the way, did I understand correctly that MAS is asking for public feedback if they should exercise more control on the financial institutions to prevent repeat of toxic product fiasco? It was a big surprise to me that they are still not sure if they should exercise more control in spite of all the problems we had. I hope they would talk to Mr. Tan.

Anonymous said...

Is this seminar meant for investors with unsettled cases, or is it open to all?

Anonymous said...


SINGAPORE: Report a misconduct and risk losing your job, feign ignorance and allow your conscience to be pricked — these are common dilemmas employees face when they come to know of unethical behaviour among their colleagues.

Without a confidential feedback channel, workers may turn to the media and the company may incur huge financial and reputation losses from the bad publicity generated.

To solve this problem, a whistle—blowing hotline was launched on Tuesday by Singapore firm Q2 Consulting Partner and United States’ Global Compliance for employees to file allegations against their own company.

Now you can blow the whistle if you find an agent or agents or even your CEO committing misconduct or fail to implement a guideline and pay lip service to the fair dealing guidelines or close 2 eyes to mis-selling by your fellow agents or you found out your fellow agents up to unethical practices, under cutting your business by rebating or churning , twisting of insurance policcies or any malpractices by your fellow agents which you cannot tahan watching crimes being committed or otherwise you become an accessory to the fact, you can now release or relieve your conscience through this channel.
The public too can 'report' a mis-selling or unscrupulous practice by the company or agent through this channel.
If insurance companies are truthful and sincere about fair dealing and sincerely implementing MAS guidelines and desire to put consumers' interest first and want to see their insurance agents behaving professionally they should join this channel.
As for insurance agents they should know that in the recent years agents have been in the spotlight becuase of rampant malpractices by their fellow agents and before the industry being pulled down further they can start cleaning up by reporting their unethical product pushing agents through this channel to MAS or their own compliance department.
This bodes well for the industry.

Anonymous said...

Mr Tan

This is the way to go !

US class action is definitely a great effort as I have worked / done business in US and I know how successful a class action suit against last corporations can be!

Now the banks will know who is the " Kawan KU " !

Anonymous said...

To go after Morgan Stanley for Pinnacle and Lehman Brothers for Minibond, the lawyer has to look for loop holes in the bulletproof Prospectus, pricing statements and brochure. With MS is alive and LB protected by bankruptcy law, the American lawyer has an extra obstecle for Minibond.

From the video, I understand they will only collect fee if they win. But are they interested in Minibond as there may be nothing to collect after Lehman Brothers pay off all the preferrential creditors. Hope the American lawyers can enlighten us on their confident level in getting back something from LB in America.

Anonymous said...

MAS requires a whistle blowing channel within the insurance company. How useful is it? Is the department handling complaints truly impartial or will not disclose to top management?
This is supposed to be some kind spy system to check on malpractices but it will not work simply becuase NO BODY DARES FOR FEAR OF LOSING THEIR JOB OR WILL THE COMPLAINT BE ACTED UPON IF IT INVOLVES THE CEO? It will not be effective.
A third party will be ideal like MAS or like whistle blowing hotline Q2 Consulting Partner.MAS will be better as it is direct.
The public can expose the agents of any misdeed or company of malpractices or an insurance company failing to toe the MAS guidelines.
Hope this will useful to clean up and to bring a fairer market.

Anonymous said...

""""MAS requires a whistle blowing channel within the insurance company. How useful is it? Is the department handling complaints truly impartial or will not disclose to top management? """"

You can complain to MAS. But will you???
They will disclose yr name to th FIs. But no harm right???

Anonymous said...

From the way they handled minibond and HN5 I doubt they are sincere in helping small investors.

Anonymous said...

The main motivation is to earn money similar to why we were con into buying the Notes.

So for the American lawyers to help us, they must attack the ex-investment company which is alive and kicking e.g. Morgan Stanley. Dead company like Lehman Brothers which don't have any $ to give may not be their target.

I will attend the siminar to hear them while the above is my personal opinion.

Tan Kin Lian said...

31 people have registered to attend this seminar. I hope that more will register soon.

balufeb1 said...

Thanks for share, I am follow your blog.

Anonymous said...

I know a man in his early 60's who took out all his CPF savings ( more than $ 200,000 ) and put it in a fixed deposit

The bank ( which calls itself one of the largest in SE Asia and whose theme color is yellow ) called him to put the money in a better " fixed deposit scheme "

The poor guy just followed instructions and now the bank refuses to pay him a cent

Thank you very much for ths US classa ction suit because banks like this must be punished for being EVIL!

Mr Tan you are our hero

I hope you stand for election and become an MP

The banks, insurance companies and the ruling party must then deal with a smart, experienced finance expert who champions for the poor and the exploited

Anonymous said...

You have nothing to lose. You don't pay until you get paid by the bad guys. Nothing to lose, but everything to gain. that is why class action suits are so good for the victims.

Anonymous said...

Thank you Mr Tan! You never give up us when we almost give up ourselves!

Anonymous said...

Many thanks! History won't forget you when we get the justice one day!

Anonymous said...

I registered for the seminar just
to hear how they are going to
conduct a class action to update my
lawyer who is handling our own
here in Singapore. I am well aware
we minibond holders would never get
anything, if any, from a bancrupt

Tan Kin Lian said...

I was approached by the local representative of the US legal firm to help to publicize the seminar. I do not wish to take credit for the initiative of approaching them.

I hope that the seminar is useful to the investors and that there will be a positive outcome. But, only time will tell.

Anonymous said...

The only recourse is to sue the RMs who are representatives of the banks and they acted on behalf of the banks.As agents of the banks the banks are liable for whatever misdeeds committed by the agents.
This is the best strategy to get back your money proving that you have been misled into putting your money into the structured products.And also becuase your needs and financial constrains were not taken into consideration this led to an inappropriate recommendation of no reasonable basis. The banks must be liable for its agents' misconduct.
This principle similarly applies to insurance agents and the company.

Anonymous said...

The issuer(creator) of these products, whether Morgan Stanley, Lehman, DBS or Merril Lynch are the ones who collected the full invested amount so we stand a better chance of getting compensation from them in collective class action.

Tan Kin Lian said...

64 people have expressed interest to attend the seminar. I hope that more will attend. Please help to pass the word around ask ask your friends to attend (if they have invested in the failed products).

Anonymous said...

Mr Tan, Can you post this article at the front of your blog, otherwise whoever missed to see it may not have chance to know it. Thanks!

Anonymous said...

It is not right that only Lehman can be sued in US lah

You can sue any of the banks who sold or were involved in distributing Minibonds in Singapore as long as they do business in US

This means ...almost all the Minibond banks are in trouble

No more Kawan Ku.Many banks whose HQ reside by the Singapore river are in trouble he he

Mak sure as many people attend the seminar

Anonymous said...

No chance that MAS or gahment will do anything for you. Hopefully this class action will help us victims to get back a fair compensation

Anonymous said...

Yes, we can sue the local FIs who
sold us the notes, what we are afraid is the Govt working behind the scene to sabotage the plantiffs' suit, as they may be
embarrassed by the whole thing.
Just a sentence that we go into it
with our eyes open is enough to shut the mouths of the MPs whom
we approach for help. They did not
even dare to reply us.

Anonymous said...

Can a Singapore Court finds Govt's DBS guilty for misrepresentation and change the 0 loss record of the lawyer who was incidentally appointed by MAS to oversee the handling of Minibond's trustees and receivers?

Will DBS settle out-of-court? The obvious answer is no as DBS has to also deal with Hong Kong investors if they lose this case.

At this time, with the calming down of the Notes saga, DBS is even more determine not yield.......

Political pressure on the Govt?

What pressure? They had always do what they want, say what they want and even paying themselves 4-10x more that the US president and doing much less. I think US president is "Faster, better and cheaper" i.e higher productivity.

They only reluctantly yield to controlling foreign workers inflow because of the coming election. Once the election is over, foreign workers inflow will be lifted and Minister salary increase will be implemented.

Anonymous said...

Yes, I totally agree the gahmen is putting up a nice wayang show because elections is coming.

They always sweet talk before elections and then after the elections they go back to their old ways. And they get more complacent and more arrogant than before.

So don't let us be fooled by them.
We must Vote them out once and for all.
We want a caring gahmen, not the present one t

Anonymous said...

Wish settlement of miniBond, will this class action still be on for Pinnacle Note investors to sue Morgan Stanly?

Anonymous said...

Last time, we were informed that only American citizen can initial the class action. Is this condition not vaild now?

大可 said...

Re. Is the issue on Pinnacle Notes dead?

Dear Mr. Tan,

Pushed by a marketing officer from Phillip Capital, I bought $16,000 Pannacle Notes in 2006. The guy said to me that the notes were credit-linked to China, Korea, Thailand, Malaysia and some big banks, do you think you could fail? However, it went dead and I finally received $91.82 from my investment in last August. I believe that the guy cheated me and Phillip must bear some responsibity for the lost of my money. Do you think I still have some chance to claim a part of my money back?

Thank you and regards,

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