Customers sue Singapore's DBS over Lehman Notes

Monday, July 13, 2009

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 as reported by Reuters.

The investors had purchased a callable basket of credit-linked notes, called High Notes 5, from DBS Bank. 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 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.

Ten or more face possible Madoff charges

Wednesday, July 1, 2009

Bernard Madoff has been given the maximum sentence of 150 years for masterminding the biggest self-confessed fraud in US history. U.S. investigators believe 10 or more people associated with imprisoned swindler Bernard Madoff could be criminally charged in the coming months or beyond, a law enforcement source said on Tuesday. Madoff has not named accomplices in the classic "cash in, cash out" fraud and the only other person charged so far is his outside accountant.

Lets us see some of the interesting quotes:

BERNARD MADOFF
I will live with this pain, with this torment, for the rest of my life.
I cannot offer you an excuse for my behavior.

RUTH MADOFF, WIFE
I am embarrassed and ashamed.

DISTRICT JUDGE DENNY CHIN
Here the message must be sent that Mr Madoff's crimes were extraordinarily evil.

ALEXANDRA PENNEY, INVESTOR
Obviously, I'm delighted that the judge showed no mercy.

DOMINIC AMBROSINO, INVESTOR
I can remember the exact second my wife told me the news.

TOM FITZMAURICE, INVESTOR
My life will never be the same. I am financially ruined and will worry every day about how I will take care of my wife.

SHERYL WEINSTEIN, INVESTOR
I was introduced to Bernard Madoff 21 years ago at a business meeting. I now view that day as perhaps the unluckiest day of my life.
 
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