Ten financial institutions here were involved in the structured products fiasco that was triggered by the collapse of United States investment bank Lehman Brothers on Sept 15. -- PHOTO: REUTERS
ABOUT 200 investors who lost cash on DBS High Notes 5 are weighing up legal action after their compensation appeals were rejected by the bank.
The investors met on Wednesday evening in a lecture room at PSB Academy's Campus@Delta to learn from lawyers about their legal options.
One lawyer, who asked not to be identified, told The Straits Times that he was there to help investors 'explore their options' and that his firm was not officially 'on-board just yet'.
The close-door meeting was organised by the High Notes Investors Group (HNIG) and most attendees were familiar faces from previous meetings and forums.
Separately, The Straits Times understands that another 250-strong group of Lehman Minibond investors are also considering taking legal action against Maybank and Hong Leong Finance which sold them the product.
They are said to be gathering more investors to build a case against the two institutions, and actual legal action may commence as early as April this year.
Ten financial institutions here were involved in the structured products fiasco that was triggered by the collapse of United States investment bank Lehman Brothers on Sept 15.
The Monetary Authority of Singapore said last month that around 58 per cent - or 2,974 - of the complainants will get full or partial refunds.
