In a ruling made by the US federal court last week, all Pinnacle Notes retail investors in Singapore are now automatically part of the class-action suit brought against Morgan Stanley.
For the foregoing reasons, Plaintiffs’ motion for class certification is GRANTED. Defendants’ motion to exclude the declarations of Plaintiffs’ experts is DENIED as moot with respect to the Kolchinsky Declaration and DENIED on the merits with respect to the Wolson Declaration. The Clerk of the Court is directed to terminate Docket Numbers 141 and 154.
You can read the entire court ruling here: Pinnacle Notes Court Decision
In practical terms, what this means is that if the lead plaintiffs win the case and recover money, then all Pinnacle Notes investors will receive compensation based on the amount of their individual loss, including those who have already got partial compensation through the Financial Industry Disputes Resolution Centre (FIDReC).
While the court case regarding the actual compensation has not been won yet, at least now there is a ray of hope for all the affected Pinnacle Notes investors.