Martin Lee @ Sg
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Settlement for Pinnacle Notes Holders

Good news for Pinnacle Notes investors.

Kirby McInerney LLP has announced a settlement of US$20 million for their Pinnacle Notes litigation with Morgan Stanley.

As the case was a class action suit, retail investors in Singapore who bought the defaulted Pinnacle Notes series 1,2,3,6,7, 9 and 10 may be eligible for some compensation. This applies even to people who may have obtained some kind of earlier settlement with their financial institutional or through Fidrec.

Under the settlement, the average payment is estimated to be around 28% of the original capital invested, before fees and expenses are deducted.

But the actual amount each eligible investor eventually gets will depend on which Notes he bought, the amount of compensation previously paid from other sources and the amount of valid claims submitted.

It is expected for the compensation payments to start from the middle of next year.

If you have other questions or wish to obtain additional information, you may contact Kirby McInerney here:

http://pinnaclecase.com/contactus.asp

Edited : Added 1 more link below to settlement page:

http://www.pinnaclenotesettlement.com/

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3 comments
Edward Heng says a couple of years ago

Got cheque payment from Ge Dandong but Hong Leong is asking for the cheque to return to them because of signing an earlier agreement to “sell” all shares to them in order to get a small amount of compensation. Is it right for Hong Leong Finance to request for the cheque to be return to them?

Reply
    S L Ho says a couple of years ago

    Hi Mr Edward Heng. I am also in the same situation as you. I received a Letter from Hong Leong a few days ago asking me to refund the money I received from Ge Dandong. Failing which, their external lawyers for action will enforce a claim against me. I do not know what to do?

    Reply
      Edward Heng says a couple of years ago

      I did not receive the initial cheque from Ge Dandong and request Hong Leong to request a replacement cheque from Ge Dandong for me before I return the cheque to Hong Leong this week as Hong Leong claim like what you had said that is they will send a lawyer letter to me if I did not return the cheque to them.

      Reply
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