I received this wonderful message from the US lawyer handling the class action. They have succeeded in getting the case heard in New York. There is still a lot of work that has to be done, but this is one major hurdle that has been crossed. As this is a class action, any compensation that may be won in the legal suit will be shared with all Pinnacle Note holders, regardless of whether they had been among the original complainants.
Dear Mr. Tan,
You may already have heard, but yesterday the NY Court denied Morgan’s motion to dismiss, which means that we can proceed in NY. We still have a difficult road ahead of us, but this is a significant victory in the first battle.
Warm regards,
Dan
7 comments:
That is good news. I hope those bankers and banks have no place to hide.
The world has to be reminded again and again about the greed of financial intituitions until they return all the ill-gotten money to investors.
Good luck to DBS high notes 5 investors too. I hope the judges look at the case holistically.
It is shameful that these people had to go to NY to pursue their cause, because they feel they were unable to get justice here.
Actually banksters still got place to hide --- in Singapore!!
That's why Morgan Stanley wanted to have the case heard in Singapore Court. They know in Singapore it will be open & shut case --- open doors for Morgan Stanley and shut-up for the investors.
Hurray for Pinnacle Holders. The first hurdle has been crossed, at least there is a much fairer chance to obtain justice in American Courts, in Singapore, the Judiciary has to toe big Brother's line, who tend to protect FIs rather than the consumer.
Take the case of Global brokerage, in America it's quite a small Brokerage Firm, but in Singapore, their business are extensive, welcomed with open arms by the Govt. Now what happens to the clients here, dun expect MAS to protect them.
Like Lehman Bros, like Global.
Never trust MAS, any Tom, Dick and Harry FIs could enter and do business here.
Singaporeans are really that daft, they dun learn from the Lehman Bros case.
A piece of knowledge for those who want to trade shares or financial products in US. You pay first into your Account at the Brokerage Firm, then you trade, it's different from Singapore. Then the Brokerage make use of clients' money to lend out or to invest themselves, so the chance of botched investments gone wrong is there, like in Global, who got tripped by investing in European Bonds.
Over here in Singapore, beware of trust accounts opened in local brokerages, you get paid a miserly 0.25% p.a. interest, you never know what they do with your money behind.
"Appeal Court throws out $18m suit by 213 DBS HN5 investors" in the Straits Times today.
Hope for Pinnacle Notes but none for DBS High Notes investors. DBS & courts under same boss. So how to win? Left hand punishes Right hand?
Being a Singaporean is a disadvantage. Work very, very hard in study then after graduating, employers prefer foreign workers/talents with less recognized qualification but cheaper. As for the above, we are not protected or looked after properly by MAS or Govt as compared to Hong Kongers. Worst is when the Bank being sued belongs to the Govt investment arm....so how to expect the judge to be fair when they are civil servants....Cannot bite the hand that feed you...
It is cheaper better faster.
Where got justice?
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