Martin Lee @ Sg
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DBS High Notes Investors Loses Appeal

Almost one year after the initial suit filed by DBS High Notes investors was dismissed/a> by the High Court, an appeal filed by investors against the initial decision has failed as well.

213 investors had invested about S$18 million into DBS High Notes and lost everything when Lehman Brothers collapsed.

The investors have fought their case based on inconsistencies in the pricing formula, which they argued should make the contract void.

The appeal was dismissed with cost, which would be a hefty affair as DBS was represented by Davinder Singh and Una Khng from Drew & Napier LLC.

The judges added:

A person who signs a contract which is set in a language he is not familiar with or whose terms he may not understand is nonetheless bound by the terms of that contract. The principle of caveat emptor applies equally to literates and illiterates.

Be careful of what you sign in the future!

In a separate piece of news released yesterday, DBS announced a 6% increase in their 3Q profits to S$762 million.

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7 comments
HongKonger says 8 years ago

No irony there. DBS does not dare mess with HongKongers as we are well known for our vocal protests. We will take to the streets and to our government when we donot like it. We do not even have GST because we do not like it. We get our way because we dare to protest. We have a saying here in Hong Kong that if you do not DEMAND, you will forever be waiting in vain.

Reply
    Frank says 8 years ago

    How to protest here when there is the Public Order Act (POA) where even one person protesting in the streets can be arrested and fined and/or jailed?

    Reply
vslingam says 8 years ago

Disappointed at the Appeal Court’s judgement, and at DBS’s attitude. The product was designed by DBS, and look at how the 200+ investors are now totally screwed. Many retail investors will now stay a mile away from investments proposed by DBS, having lost confidence in the bank in protecting its investors.

Reply
    Martin Lee says 8 years ago

    I think the greatest irony is that DBS compensated the Hong Kong investors!

    Reply
Candy says 8 years ago

Isn’t this Singh guy an MP who prosecuted csj for lky & lhl for defamation?

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Nuts says 8 years ago

Moral of the story:-

If you still want to invest in artificial products, make sure the product manufacturer is incorporated in US. At least still got chance to sue in US courts.

Btw, isn’t this the same law firm that defended Profitable Plots, which is now under investigation by CAD but progressing at zombie-pace??

Reply
Singaporean says 8 years ago

This judgement has again sent the signal to foreign crooks & conmen that Singapore is a pond full of fat goldfish ripe for a feeding frenzy for the pleasure of sharks from afar

Reply
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