By Hwee Goh
WP’s Low Thia Khiang
SINGAPORE: Opposition Member of Parliament Low Thia Khiang has urged investors who have lost money on Lehman bonds not to file class action suits against the financial institutions.
In a statement to the media on Wednesday, the Hougang MP said he is concerned that such investors may end up paying huge legal bills.
He feels investors should only resort to legal redress after they have taken their cases to the Financial Industry Disputes Resolution Centre, and despite that, are still unhappy.
The Monetary Authority of Singapore (MAS) has advised investors to file a complaint with the financial institutions involved, and then with the Centre.
Mr Low has asked the MAS to issue detailed guidelines to financial institutions on how to handle the complaints, with a set time frame for the whole process.
He hopes that affected investors will then have greater certainty as they weigh their options. – CNA/yb