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The adviser’s firm claimed no misled of course and refer me to the FI, who also claimed nothing to do with them. Like merry-go-round, MAS also refused to respond and refer us to Fidrec. Fidrec, act just like a co-ordinator, leave it to us whom we want to claim against, have to pay 2 fees if go against both parties. We are like a fool to follow this stupid 3-steps imposed by MAS ! Give up on all these !
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Hi EJ
Yes I think the class suite would be a long drawn out affair. It would take a few years to settle. Hae you got any compensation from the FI who sold you PN 3
ReplyThanks ! Doubt the residual value will be high, as I only got back $138 for my PN Series 3 sometime in Feb this yr, after it gone busted. Has joined the class action long ago but no result
ReplyHi EJ
Perhaps there will be some residual value. Morever you could submit a misselling complaint against the FI where you bought the product from. Usually they would offer you some settlement and if you are dissatisfied with the offer, you could go to FIDREC. Have you joined the class action suite.
The redemption is not official yet, but it is probable because the remaining threshold value for PN is very low now and 1 more default would trigger a redemption.
Good luck to you
ReplyHi Sureesh, thanks for the update. A surprise Christmas gift to many pple then ! My $70K will go down to the drain soon …..
ReplyFor those who hold series 2, be prepared Ambac corporation filed for bankrupcy recently. Ambac is one of the underlying companies in series 2. This could trigger a redemption event.
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Thanks for the info, lioninvestor..
Hey, anybody joining the law suit by Kirby McInerney ? I had email my details to them, hope they will reply me with more details…
ReplyFor series 6 & 7 holders, a redemption event is imminent.
Aiful’s default has reduced the threshold to a low value.
And now that Ambac financial is also going to default it would probably bring the value down to zero which would trigger a redemption, so be prepared to lose all your money.
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A US law firm, Kirby McInerney, has spoken about possible legal action that can be taken in US Courts in connection with the Pinnacle Notes.
Investors will only need to pay Kirby McInerney if they are successful in their law suit and the fee will be based on a percentage of the money recovered from the financial institution that is being sued.
As I understand, the law suit is not against the distributor of the Pinnacle Notes so those who have already settled on a partial compensation with their distributor would still be able to join.
More information here:
http://www.martinlee.sg/pinnacle-notes-legal-action/
ReplyHi, any updates on the pinnacle action group ? Did anybody actually get back any compensation after going thru Fidrec ? Or any ways … seems so quiet on this nowadays… this is really disheartening..
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Hi investor,
15 is equity-linked note and is fine.
Your main risk is the default risk of Morgan Stanley.
ReplySeries 6 & 7 should mature in 3 years time. I wonder if it can hold on to until then. So far Aiful’s default has not resulted in a credit event yet. I don’t know why.
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I’ve just received interest for series 7. Wonder if this series can hold up with the latest credit events.
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