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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Minibonds investors attend seminar in preparation for class action suit Channel NewsAsia - 1 hour 36 minutes ago SINGAPORE: Some 200 investors of the failed Lehman Brothers’ minibonds have met to plan a collective lawsuit against financial institutions who sold them the products. A seminar was organised Tuesday evening to work out the details and costs of a class action suit. Tham Wai Wan, 60, received the bad news last month that DBS Bank is not compensating her for her Lehman—related investment, High Notes Five Series. A letter sent by the bank said there was no mis—selling in the retiree’s case, even though Madam Tham says her husband and her invested S$125,000 not knowing the risks involved. She said: "We’re simple and gullible folks. I’ve not met or spoken to DBS officers over the phone. I hope they meet me and reopen my case." And she says she cannot afford the S$5,000 to take up a collective lawsuit against the bank. The lawyer looking into the cases says a class action suit typically takes about nine to 12 months to complete. It is also likely to be a multi—million dollar lawsuit filed in the High Court. Singapore’s central bank has advised investors to seek legal action as a last resort only after seeking resolution with the banks or with the Financial Industry Disputes Resolution Centre (FIDReC). — CNA/yt Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore Minibonds investors attend seminar in preparation for class action suitChannel NewsAsia - 1 hour 41 minutes ago AVA says China—made biscuits sold in Singapore safeChannel NewsAsia - Wednesday, December 31 Raffles City’s management assisting police in Cortina investigationsChannel NewsAsia - Wednesday, December 31 Road closures for New Year’s Eve fireworks displayChannel NewsAsia - Wednesday, December 31 Singapore Airlines budget arm drops Korea expansionReuters - Wednesday, December 31 Most Popular – Singapore Viewed Actress Jennifer Aniston appears naked in GQ magazine Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 Obama economic plan to cost between 675 and 775 bln: aides Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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