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I heard that some rep from SG has gone over to HK and discuss the possibility of conducting it over here too, does anyone knows the status ?
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Dan, here is the link:
http://singaporealternatives.blogspot.com/2009/01/blog-post.html
NO WIN, NO PAY BASIS
Hong Kong investors of Lehman minibonds may have to pay some percent of any money they receive to their US lawyers, the Democratic Party said yesterday. Around 1,200 investors gathered for three closed-door meetings at Caritas House yesterday to discuss the class- action suit in the United States and to select a representative case for each of the 28 minibond series.
The US lawyers are said to have offered to take the case on a NO WIN, NO PAY BASIS. But party legislator Kam Nai- wai hopes they will lower the charge to 15 percent.
In any case, the fee is decided by the court. Twenty percent is the maximum, but 15 percent is more reasonable. In the Enron case it was just 10 percent, Kam said.
Alliance of Lehman Brothers Victims chairman Peter Chan Kwong- yue said the group hopes to reduce the fee and to reach a consensus by the Lunar New Year when the US lawyers will return to Hong Kong.
Chan said more than 33,000 investors decided to employ US lawyers for the collective litigation and he is confident the lawsuit will be successful.
A minibond investor with Dah Sing Bank, surnamed Ng, said she was informed the minibond was more relevant to Holland rather than the United States and that she is confused by the bank arrangement.
Kam said the party will discuss the issue with the lawyers and see if they can help the 7,000 investors who hold other Lehman products.
Up to December 24, the Hong Kong Monetary Authority referred to the Securities and Futures Commission four cases related to Lehman products involving two licensed banks in Hong Kong in respect of complaints of alleged misconduct.
The authority has received 19,699 complaints concerning Lehman Brothers-related products, 18,282 of which have been processed.
Since October 17, the HKMA has referred 238 Lehman Brothers-related cases involving 12 banks to the SFC for further action.
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Dear Mr. Peter Chan,
Ntd there are 33,000 investors decided to hire US lawyer to sue Lehman. I think that this is the comment from those lawyer the chance to succeed is high. I am HongKong people but need to workign oversea. I am also a victim of Lehman structured product. I have a different viewpoint on this.
As I know, US lawyer is so commercial and they want to get business. If they told you that the chance is low, will you hire them ? However, please consider the situation of USA, they are in big trouble and so busy to take care of their own people, is this case their priority to handle ? If not, it may take longer time to end , it will be very costly litigation. In the viewpoint of US, they follow the contract which was made by relevant banks in HK. Lehman doesn’t deal with us directly. It is not their authority to judge whether those banks are selling in violation of code of conduct which are under the ruld of SFC.
Pls read Apple daily I have posted my suggestion. I reiterated again below. Thanks for your courage to represent us to fight for the right.
After several months of protest / discussion/ investigation, there are no specific progress found. But, it should be close to D-day.
Found that the representative of Alliance of Lehman brother is going to sign contract with US lawyer to sue Lehman. Since I can’t get in touch with him, I would like to remind him to hold up. There are two reasons,
1. First of all, it will be very costly to hire US lawyer to sue such giants oversea. USA is in big trouble so far, any liquidation will be only priroritize to local first. We have fallen to the trap of this US big giant in those non-collateral debt , do you think those US laywer can really help ?
2. Second, we should sue those relevant banks instead. We bought those products because we trust them, not Lehman. They betrayed their good old customers and violate code of conduct. Those banks can sue Lehman through their worldwide network later.
After I read the declaration from Mr. Chan that there are 43,000 investment account involved. Then, HKMA is in good command of the situation and total complaints are not much. Sorry, I just really need to be rude a bit. BULLSHIT !
Since government annouced that those banks had to respond quickly and there were some news that majority or full amount will be bought back by bank in last November, majority of victims decided to wait and not to join the protest. However, it isnot clear progress from HKMA and some indvidual victims started to get letter from banks that internal investigation have been completed. Simply speaking, they denied their fault. Though HKMA still said that they are checking, are there no single case they completed so far ? It seems a hidden agenda to let time go by, let case pass away.
It reflects that government has no standpoint in the very beginning to find out the truth and give a lesson to banks in improper practice. They just didn’t want all victims to join together and dig out all truth. Collective bargaining is the worst case government and banks want to face.
As Mr Wong said that there are 43,000 investment account involved, I really don’t think that those victims really agreed with the decision from banks. If we can find a channel to join up all of those victims and seek help from senior lawyer with justice to represent them, I think that it will be more useful to seek justice in court with those bank locally, not oversea.
In order to fight with those deep pocket giants, it is really not easy. Especially when those victims lost all or most of money in those product. As Chinese proverb says, poor can’t fight with rich. If government cannot help, we just want to those volunteer lawyer to get paycheck if we can successfully get banks to pay back.
I really think that victims don’t mind to pay as high as 5% of compensation to those volunteer lawyer. I know that those justic lawyers doesn’t work for money because they are facing almost all most of banks in HK. Make enemy with those giants won’t be a easy thing for normal people. So, my suggestion should be good enough to ensure their after-war liviing.
Leader of Allliance of Lehman victims, can you provide us e-mail address or contact number ?
All victimes, don’t worry to stand up. Ask yourself flwg questions — don’t be shy to speak out or ask. There are no stupid question.
1. Did your bank approach you and sell those products ? Have they explained to you throughly all risk concerned in that specific product ? Since the product is ready to sell, they have responsiblity to explain all clauses no matter what. Hv they mentioned the case if Lehman go bankrupty, what will be liability of Lehman ? The nature of this product — with collateral or not ? What is the position of relevant bank in this sales ? Especially the liability.
After that, you should really know that it is as set-up from your trusted bank to put you at risk and earn their profit riskless.
Don’t be angry, we need collective bargaining, 43,000 sounds are not powerful enough to uncover all truth. I heard that our loverly Jackie Cheung is one of victim, we need more celebrity to lead us too.
If any justic reader get this comment, pls also help to post this to more blogs, as much as possible. We need a leader asap. I think that some celebrity and the leader of current Alliance of Lehman leader should be suitable. It can shorten time to re-organize . Thanks a lot
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