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People who lost money in structured products were probably looking at the investment in a different way from what we saw in stock investments. Yes stock investing is risky, but local banks are not risky so why didn't they put their money on the bank's share instead of the bank's structured products?
If these people who don't like to "play" shares just invest in the bank shares, they would still have plenty of savings left.
Yeah, big money comes with big risk! No choice.
In any lawsuit, who will make big money? The LAWYER.
eric69 ( Date: 10-Jul-2009 11:40) Posted:
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it's sad that so many people got their hard-earned beans burned up in this unfortunate saga. investment is never a 100% risk-free affair - to earn big money comes big risk. haiz.
niuyear ( Date: 10-Jul-2009 11:30) Posted:
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Why are we into this law-suit madness?
I supported DBS 'Claim has no merit"! Simple reason : Investments come with risks!
"The investors' stupidity is always someone-else fault and own personal responsibility is always someone else's job" . If one thinks this is right, then, i would think this person is not ready to take any form of investment;
UPDATE 1-Customers sue Singapore's DBS over investment loss
Sued over Lehman-linked High Notes 5
* DBS says claim has no merit, will contest
* Shares ignore news of suit, up 0.4 pct
* DBS sold over S$100 mln of High Notes 5 - MAS (Adds context, DBS share price)
SINGAPORE, July 10 (Reuters) - More than 200 customershave sued Singapore's DBS Bank in a bid to recover investment losses arising from the collapse of U.S. investment bank Lehman Brothers (LEHMQ.PK).
Siraj Omar, a director at Premier Law, told Reuters on Friday his firm had filed a claim on behalf of 204 investors in a Singapore court. He declined to discuss the case or reveal the size of the claim, which according to the Straits Times newspaper was around S$17 million ($11.6 million).
The investors had purchased a callable basket of credit-linked notes, called High Notes 5, from DBS Bank, a unit of DBS Group (DBSM.SI), Omar said.
A DBS spokeswoman confirmed receipt of the claim. She said the suit was without merit and that DBS planned to contest the suit, which is the first involving the bank's High Notes 5 product.
News of the lawsuit had almost no impact on shares of DBS Group, which were up 0.4 percent on Friday morning at S$11.58 in a generally flat stock market.
Financial institutions around the world have been hit by complaints and lawsuits arising from the sale of interest-bearing structured products linked to Lehman that paid higher interest rates than regular savings deposits.
For example, a class action suit was launched in November against UBS (UBSN.VX) in the United States that alleged the Swiss bank had sold Lehman-linked notes as suitable for investors seeking to protect their principal investment. [ID:nL7171660]
News of the suit against DBS comes three days after Singapore's central bank banned DBS and nine other firms from selling structured notes, citing various issues, such as their failure to adequately train the staff who sold such products. [ID:nSIN397515]
According to a report released by the Monetary Authority of Singapore (MAS), DBS which received the shortest ban of six months, had sold over S$100 million worth of High Notes 5 to 1,083 investors that became worthless after Lehman's collapse.
The bank has to-date paid about S$7.6 million in compensation, the central bank's report said.
MAS said the failings identified in its investigations "do not automatically mean that the financial institutions are liable to individual investors." ($1=1.4585 Singapore Dollar) (Reporting by Kevin Lim; Editing by Muralikumar Anantharaman)
Hope it will do better....
Still looking good...
Miss the boat ... don't chase ...be cautious...
Hopeful to wait for correct
Break 10 loh.. but seriously, market looks like it's driving up too much too soon...
Anyway managed to cover back with 1 lot of right at price of $5.42.
wongmx6 ( Date: 03-May-2009 16:26) Posted:
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Ya, i agree, Sure gain when you talk about long, i still have stock at price of $15.8.
I think really need to wait long-long.
Stress test is already redundant. Nobody has said this, but I dare say this because if there is any US bank that cannot pass the test, they would have gone under already. Can they wait so long? Impossible.
As for our local Singapre banks, rest assured, they are at lower than fair price. Grab DBS anything less than $9.50 and you will definitely find a winner. Of course I say to those who want to long and to those who make their own stand. Don't give me coffee if I am right and don't scorn me if I am wrong. Do your own research and make your own decision.
winsontkl ( Date: 02-May-2009 22:02) Posted:
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Will US bank stress test result have any impact in Asia???
DBS is still the best.
Still holding pretty well ....
This counter seems to be supported at $9 level ....
Not a good sign for US banks stocks. Shed heavily since yesterday.
Surprise last minute buy up ...... leading to positive territory...
Key question ... will it last???
yup, bks seems not much strength to pull themselves up further, loosing momentum liao. Though, last nite, most US financial stocks did quite well however, UBS Sw, spoils d soup. Hv to wait for HSI opens, n decide later loh. Cheers.