FOUR out of every five investors who received settlement offers for the failure of their investments in Lehman Brothers-linked structured products have accepted the settlements.
Trade and Industry Minister Lim Hng Kiang on Monday said 79 per cent of investors had accepted the offers from financial institutions that sold them the ill-fated investments.
Only 1.5per cent had rejected the offers. The remaining investors have yet to make a decision as of March15.
Mr Lim, who is also the deputy chairman of the Monetary Authority of Singapore (MAS), was giving Parliament an update on investigations into the alleged mis-selling of structured products by financial institutions here.
In January, the MAS said 58per cent of complainants, or 2,974 investors, would get a full or partial refund from financial institutions that sold them the products.
Of this total, 43per cent - or 1,282 - were offered full compensation.
'Since my last update to Parliament in January, these institutions have received another 367 complaints. This number is accurate as of March15, 2009,' Mr Lim said.
He also provided an update for a fourth Lehman-linked product that defaulted - Morgan Stanley's Pinnacle Notes Series9 and 10.
'I have been told that the five financial institutions that sold these products have...received another 31 complaints,' he said.
In January, Mr Lim said six complaints were lodged by investors of Pinnacle Notes Series9 and 10.
Read the full story in today's edition of The Straits Times.
