Martin Lee @ Sg
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Minibond Investors Action Group – Legal Action

The Minibond Investors Action Group (MIAG) are looking for Minibond investors to take part in a class action suit for the failure of the Minibond product.

Lawyer Conrad Campos of Conrad Campos & Company, who is also a CFA, has been chosen to be the lead lawyer in this action.

More details can be found here:

Minibond Legal Action

2nd Group of Investors to Sue (Straits Times)

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14 comments
Hua Wei says 10 years ago

Dear investors,

I bought $20k minibond at Maybank. I was replyed that I could not get back any money. I want to contact with you. May you tell me how to contact with you?

My email address is [email protected]

Regards,

Hua Wei

Reply
5D says 10 years ago

Hi First-timer,

I wrote up a 2×2 analysis which might help you. Take a look at:
http://minibondsg.blogspot.com/

5D

Reply
First-Timer says 10 years ago

Hi Lion Investor,

I am in a dilemma as to if I should take up the legal action. I have sent in my $500 for the preparation case. The dateline is today 15/04 if I wish to continue with the case.

My investment is at $20K. Considering if I am compensated at 50%. Will it be worthy to go for the legal approach to seek for a better compensation? Thinking that the amount that I have invested, is it worthy to go through the hassle says that after deducting the legal costs (and the time spent)? Will my upside be justifiable for me to go for the legal route? Your advise, please!

Anyone in similar situation as I do?

Sorry I did not attend the seminar as I went overseas on that day(Mar Seminar).

Good day!
First-timer

Reply
5D says 10 years ago

Li Chuanyuanon 先生:

3rd Legal Briefing Session on “Minibond, the Road Ahead”.
迷你债劵投资者行动组将举行第三次法律诉讼说明会:

Date: SAT, 21 March, 2009
时间: 2009年3月21日, 星期六

Time: 3:00-5:00pm (Registration starts at 2:30 and door closes at 3:00)
时间: 3:00-5:00pm

LOCATION: 5 min walk from Farrer Park MRT
60 Tessensonhn Road
CSC Auditorium, Level 3
Singapore 217664
(Take the lift beside the Booking Counter & turn left all the way at Level 3.
Following Auditorium/Lehman MIAG Seminar sign)
地点:靠近Farrer Park地铁站

5D

Reply
5D says 10 years ago

Li Chuanyuanon 先生:

请看 http://minibondsg.blogspot.com/
或电 6405-8201.

5D

Reply
Li Chuanyuan says 10 years ago

先生:你好!

我也是minibond5的受害者,共向Maybank买了60,000元。我不太懂英文,看了你们网站的中文内容后,想知道这样的法律行动的胜算大概是多少?每个人总共需要支付多少费用(最坏的情况下),说实在的,我的经济能力很有限。但我又很不甘心接受Maybank分文不赔的决定,所以我也有意加入你们的法律行动,因为我知道人多力量大。我也正准备请金管局做裁决,但很难猜测结果。请你提供参考意见,我该怎么做?谢谢!

Reply
United says 10 years ago

Please register for MIAG seminar on SAT 21st Mar 3 pm.

Details at http://www.miagsg.com and http://minibondsg.blogspot.com

MIAG committee members and Mr. Conrad Campos will be there to answer all your questions.

Please email, sms and IM these message to your friends, although may not be Minibond Victims but may know someone who is one.

Reply
First-timer says 10 years ago

Hi Lion investor & United,

I have purchased minibond series 9 ($20k) in jointed name with my Mum with a FI.

I have filed a case with the FI in late Jan and is now awaiting the outcome 3 months later from the date of filing that will be around April.

I approached the FI on my own to purchase the product after consulting their wealth manager. They assure me this is a safe product only one degree riskier than FD. Also they did not do a risk profile analysis with us.

Now I having a thought; should I go the class action assuming the outcome from the FI is giving me partial compensation of 50% or less.

Will it be worthy to go for the legal approach to seek for a better compensation? Thinking that the amount that I have invested, is it worthy to go through the hassle says that after deducting the legal costs (and the time spent)? Will my upside be justifiable for me to go for the legal route? Your advise, please!

So far I have been reading from this web to gather my understanding and the status for minibond. I really appreciate that when the FI is not able to do this much. Thanks.

All best,
First-Timer

Reply
    5D says 10 years ago

    Given the fact that you approached the FI, the chance of getting compensated may not be that high. Having said that, Series 9 and 10 worths the most compared to other series so you might be getting compensated because of the valuation rather than wrong doing. But then, that depends on the style of the FI, i.e. they practices buyback or not.

    Question: how much this Minibond thing has consumed you since Lehman went bankrupt in mid September? How many longer will this continue into the future? And, if $500 will buy you some peace of mind (meaning things are in good hands) for 3 months (i.e. till rest of payment is required), is it worth it?

    Keep in mind that as part of the case preparation (the $500), a lot of information will come out. That might including information which could give you a better guage of the valuation of Minibond 9 – which could come in handy when and if you do get an offer of compensation to compare again.

    Oh, there is companionship too. If your relationship manager on your side? Who else is on your side on this? The lawyer is. So are all the other victims who are joining this class action. Including information which will only be shared with participants in our secured website.

    It is a difficult decision. Perhaps coming to the Minibond Investors Action Group seminar to talk to some fellow investors might give you more clarity – remember, you are not the only one.

    Reply
5D says 10 years ago

Icanfeeltherain asked a question (see back link of http://www.martinlee.sg/what-will-happen-to-my-lehman-minibond/#comment-10313 ) of what should one do if he wants to file for Fidrec and want to consider legal action if Fidrec is unfavorable.

Obviously, a lot has to do with when you expect to get result from Fidrec and more importantly, what kind of result would you get. Keep in mind the FI reviewed your case using the 4 published criteria as disclosed. In Fidrec, you are likely just to go through that one more time and hence likely to get the same results.

If you are confident that the Fidrec results would be favorable, you should just skip the class action entirely.

If you are just going through the motion with Fidrec like a free lottery, then, you might want to consider signing up and pay $500 which would buy you a dual option for another three months or so.

Keep in mind too that by waiting until the Fidrec result is known, not only will you likely to have missed the early bird discount, you are likely to miss the legal action entirely once the legal action started. The legal system does not allow people to join in once legal action has started or after favorable results are known.

This is why the Early Bird is in place to ease the pain of making this decision.

Personally, I have not even gotten the result from my FI complaint. But, I signed up and paid the $500 already. Not only did I get the legal option but more importantly, I personally felt that this Minibond was a scam and we need to be united to make a statement besides getting our money back.

5D

Reply
    blowithewind says 10 years ago

    Do you mean that one can ignore FI’s unsatisfactory settlement offer, proceed to FIDREC and at the same time sign up for the class action. Do I have the option to drop out of the class action should the FIDREC’s adjudication turns out to be favorable, assuming that class action has not commence then (understand it is in May).

    Reply
      5D says 10 years ago

      Hi blowithewind,

      Here is my understanding and more details are included in the web.

      The class action is actually consists of two parts: the case preparation up to the point of filing which is what the $500 intends to cover. Then, there is the actual court action itself which is like you said and probably starts after May.

      5D

      Reply
United says 10 years ago

Minibond Investors Action Group has a new website dedicated to bring you news on Minibond and updates on our Legal Challenge…

Go there now http://www.miagsg.com

Reply
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