28 Mar '11, 10am

HK Lehman investors reject settlement offer

HK Lehman investors reject settlement offer

HONG KONG: Some investors in now-bankrupt Lehman Brothers in Hong Kong on Monday demanded a full refund of the money they lost, dismissing a settlement offer as "unfair". Regulators in the southern Chinese city announced Sunday that banks that sold minibonds linked to Lehman Brothers have agreed to repay tens of thousands of investors up to 96.5 per cent of their investment. The 16 banks will buy back a large chunk of the financial products at the centre of a major scandal, after they were sold to more than 40,000 investors before their value tanked when the US bank went bankrupt in 2008. Investors ploughed a total of HK$15.7 billion ($2 billion) of their savings into minibonds and other complex products backed by Lehman. But Sunday's proposal was criticised by the Allied Victims of Lehman Products, a pressure group that reportedly represents about 7,000 local minibond hol...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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straitstimes.com 28 Mar '11, 1am

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