Subscribe to RSS feed Follow Martin Lee @ Sg on Twitter Visit Martin Lee @ Sg's Facebook page

Tag Archive: DBS High Notes

Feb
07
2009

SIAS to Offer Advice to Structured Product Investors

Categories:

Structured Products

February 7, 2009

As the resolution process comes to a close for many investors of Lehman-linked products, SIAS said that they were opening their doors to offer advice on their next course of action.

Sias president David Gerald mentioned SIAS will be organising group sessions and making available their legal advisors to answer questions from investors.

Even though it has been so many months since Lehman Brothers collapsed, the sessions will certainly be useful to a handful of investors still comtemplating whether to accept the settlement offered by their financial institutions.

Well, better late than never.

More Help for Investors (Straits Times)

Tags: DBS High Notes, Jubilee, Lehman Minibond

8 comments

Permanent link to this article: http://www.martinlee.sg/sias-to-offer-advice-to-structured-product-investors/

Jan
17
2009

Updates on Structured Notes Compensation

Categories:

Structured Products

by Martin Lee

January 17, 2009

MAS has released an announcement on the progress of the dispute resolution process so far.

From the numbers, it looks like only a few of those investors who purchased the Lehman Minibond from stock brokers are getting any compensation.

ABN, Hong Leong and Maybank are offering compensation to 75% of those who have filed a complaint. Out of those who complained at these three institutions, 34% are getting a full refund.

For DBS High Notes, only 24% of the investors who complained are getting any sort of compensation.

Click here for the MAS Update

Investors who are not happy with the setttlement can go to FIDReC to lodge their case if their investment amount is less than $50k. For claims above that amount, FIDReC will be able to hear their case claims if either the FI agrees to allow FIDReC to hear the claim or the investor agrees to limit his claim to $50k.

Looks like the options are limited for those who have invested more than $50k.

Nevertheless, I think we have come a long way since the issue first surfaced and many of our government leaders gave their views of “Caveat emptor” to the press. Hopefully, other investors like the Pinnacle will be able to get some form of recourse too.

Tags: DBS High Notes, Jubilee, Minibond

1 comment

Permanent link to this article: http://www.martinlee.sg/updates-on-structured-notes-compensation/

Dec
26
2008

Last Meeting at Hong Lim Park

Categories:

by Martin Lee

December 26, 2008

The details of this last meeting for all credit linked notes investors (DBS High Notes, Jubilee, Minibond, Pinnacle) at Hong Lim Park are as follows:

Date: Saturday 27 December 2008
Time: 5 to 7 pm

Agenda
1. Update of complaints to financial institution, FIDREC
2. Update on collective legal action
3. Speech by lawyer organising the class action

This will be the last meeting to be held at Speaker’s Corner. Subsequent meetings will be organised by the group leaders for the various notes, and will be held at other venues.

Special Meeting for Pinnacle Note Holders

The committee of Pinnacle action group wishes to meet all pinnacle notes holders this Saturday at the same venue. The agenda is to explore alternative ways to seek relief for losses incurred by the Pinnacle notes.

Those who are unable to attend can email their particulars to pinnacle.action.group@gmail.com to be kept in the loop.

Click here to leave a comment.

Tags: DBS High Notes, Jubilee, Minibond, Pinnacle

6 comments

Permanent link to this article: http://www.martinlee.sg/last-meeting-at-hong-lim-park/

Dec
18
2008

New Timeline for Investors of Structured Products

Categories:

Structured Products

by Martin Lee

December 18, 2008

More than two months ago, MAS spelt out the timeline for handling of disputes with regards to the sale of structured products like the Minibond, DBS High Notes, Jubilee and Pinnacle. Among other things, it spelt out that financial institutions should:

acknowledge receipt of a customer’s complaint within two working days;
have an interview with each customer who files a complaint within two weeks;
complete the review of a customer’s complaint and update the customer within four weeks of the interview.

Yesterday, MAS released another press release that mentioned:

they have conducted on-site visits to access the handling and review of complaints;
they are also looking into selling practices and policies within the financial institutions;
that financial institutions have indicated to MAS that they will complete the review of complaints no later than end January 2009.

The complete MAS press release can be found below:

MAS ensures progress in complaints resolution

Click here to leave a comment.

Tags: DBS High Notes, Jubilee, Minibond, Pinnacle

Leave comment

Permanent link to this article: http://www.martinlee.sg/new-timeline-for-investors-of-structured-products/

Dec
14
2008