11/10/2008

Lehman Bros being sued

Sued for misleading investors Nov 10, 2008 Suit against Lehman, UBS seeks an order certifying it as a class-action. LEHMAN Brothers Holdings Inc's Chief Executive Officer Richard Fuld and UBS AG's US brokerage were accused in a lawsuit of misleading investors who bought Lehman's 'principal protected notes' before its September bankruptcy. The complaint, filed on Nov 6 in federal court in Manhattan, claims Mr Fuld and 10 other past and current Lehman directors deceived investors about the risks of buying notes that are now almost worthless, Bloomberg news reported on Monday. The suit seeks unspecified damages and an order certifying it as a class-action, or group lawsuit, on behalf of other investors.... The above was posted in Tan Kin Lian's blog. I am just wondering how it will affect the cases here if Lehman Bros is found guilty, and has to compensate the investors in full. Will the investors here be entitled to the same full compensation, maybe with damages as well, despite the fact that they have read and signed the disclaimers, that they are implied to have agreed with all the terms in the sales agreements?

1 comment:

Elfred said...

Do you know why there is a law on misrepresentation? Hahahahahahahahaha...

Redbean, I am really disappointed with you when I read how you see that Preston Dr C's operations. He's obviously cheating.

It doesn't mean once you signed something it's final; just like a Will, it can be contested. That option trader and where he got the doctorate from have liabilities to the public.

We'd see.