Update: Please check out the latest class action suit that involves no upfront cost:
http://www.martinlee.sg/pinnacle-notes-lawsuit/
Briefing Session by Senior Lawyer Mr C Campos on Pinnacle Class Action
To All Pinnacle Investors:
(1) We are pleased to inform you that Conrad Campos (who has already filed a lawsuit for Minibonds investors) has agreed in principle to act for Pinnacle investors as well. With his experience in the Minibonds case, he is eminently well qualified to handle the case for Pinnacle investors. Additionally, we have consulted other legal and financial experts who will provide assistance when/if the proposed class action takes place.
(2) It is estimated that a legal fund of about $4 million is needed for the proposed class action to cover all costs, including adverse costs in the event the case is not successful. To raise this amount we propose that at least 1000 investors join in at $4000/- per investor/per Series. A refund of about 50-70% of the fee of $4000/- can be expected if we win the case. And, if more than 1000 investors join, the fee of $4000/- will be proportionately reduced.
(3) Please note that even if you have received partial compensation from the financial institution (FI) directly, or through Fidrec’s adjudication, you can still join in the proposed class action. This is because the proposed class action will hold only one party responsible – viz. the arranger of the Pinnacle Notes, Morgan Stanley (Singapore). It will not sue any of the FIs.
(4) By doing this, we have legal clarity and a common ground for investors in all the eight Pinnacle Series to sue collectively, regardless of the FI involved. The law protecting investors is clear and opinion received from the experts, suggests that the case has a reasonable chance of success. There is of course no “guarantee” – but it is the only chance we have to seek justice for the enormous loss we have all suffered.
(5) To start the process of getting investors’ support going, Mr Campos has agreed to give a briefing to Pinnacle investors who are keen to form a ‘core group’, so that there can be leadership and coordination as the process gains momentum. An official website for the proposed class action (www.pinnacleclassaction.com) will be launched as soon as the core group is formed.
(6) The briefing by Mr Campos will be held on Friday 30 October, 2009 at 6.00 pm. Venue: Conrad Campos & Company, 30 Cecil Street, Prudential Tower #15-00 Singapore 049712 at the Boardroom.
Kindly indicate your interest to attend by email to: christinatan@camposlaw.com indicating in the subject heading “Pinnacle.”
Attendance will be limited to about 25 people, due to space constraints.
Yours sincerely,
“Pinnacle Action Group”