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: