A group of more than 200 DBS High Notes 5 investors have commenced legal action against DBS. The group of investors is understood to have lost about S$17 million and are suing for a total refund of their investment money.
Yesterday, a legal notice was served on DBS by legal firm Premier Law. The claim was based on the prospectus and pricing statement relating to the DBS High Notes 5.
A DBS spokesman said the bank remains confident that the case is without merit and will defend themselves.
This legal suit against DBS will no doubt attract a lot of interest as it is the first “class action suit” bought against a financial institutional as a result of the massive losses incurred from structured products linked to Lehman Brothers.