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Pinnacle Notes Class Action Suit to Proceed in New York
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 […]
Pinnacle Investors Sue in US
A group of 18 Singaporean investors have filed a lawsuit in the US alleging that Morgan Stanley & Co Inc had sold rigged Pinnacle Notes as safe and conservative products even though they were not the case. One of the investor is Singapore’s oldest credit cooperative, the Singapore Government Staff Credit Cooperative Society. The US […]
New Guidelines to Access Customer Knowledge and Experience
MAS has introduced new requirements for intermediaries to formally assess a retail customer’s investment knowledge and experience before selling certain investment products to the customer. These requirements will come into effect on 1 January 2012. The following list of investment products are excluded from the new scheme: Shares Fully-paid depository receipts representing shares Subscription rights […]
Lehman Hong Kong Minibond Holders to Get Significant Payout
Lehman Brothers Minibond holders in Hong Kong have plenty to cheer about. They (whether young or old, educated or uneducated) have been offered better compensation terms of at least 70% to 93% of their money back, receiver PricewaterhouseCoopers LLP said. After adding in an additional ex gratia payment from banks, the total payout will range […]
Pinnacle Notes 2 Default
It has been more than two years since the collapse of Lehman Brothers that triggered a mass default of structured notes sold in Singapore. Even up to today, some investors who thought they had bought into “safe” investment products are discovering the ugly truth behind the products they had been sold. Just two weeks ago, […]