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Technical Analysis on the Singapore and U.S. Markets. Providing in-depth alerts for traders and investors
Reuters, 10 July 2009
200 Customers Sue DBS
More than 200 customershave sued Singapore's DBS Bank, a unit of DBS Group Holdings, in a bid to recover investment losses of around S$17 million arising from the collapse of Lehman Brothers, the Straits Times reported on Friday.
Siraj Omar, a director at Premier Law, told Reuters his firm had filed a claim in a Singapore court on behalf of 204 investors but declined to discuss the case. The investors had purchased a callable basket of credit-linked notes, called High Notes 5, from DBS.
A DBS spokeswoman confirmed receipt of the claim, saying the suit was without merit and that DBS planned to defend the lawsuit.
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