The latest news is that law firm Kirby McInerney LLP, acting on behalf of a group of Singapore investors of Pinnacle Performance Ltd series 1,2,3,5,6,7,9 and 10 notes, have succeeded in getting their case heard in New York.
The defendant will be Morgan Stanley, the creators of the product.
Morgan Stanley had wanted the case to be heard in Singapore but the US judges have decided otherwise.
This clears the first hurdle for the class action suit although it is still a long process before investors can celebrate as the onus is on the investors to prove that Morgan Stanley created the Pinnacle notes with an intent that they would fail.
If the class action suit ultimately succeeds, all affected Pinnacle Notes investors will be entitled to a compensation.