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.