DBS to investigate claims of mis-selling of Lehman-related products
By Nicholas Fang, Channel NewsAsia | Posted: 13 October 2008 2046 hrs

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SINGAPORE: DBS has said it would take responsibility if customers are able to give evidence of mis-selling in relation to products affected by the collapse of Lehman Brothers.

In such cases, the Singapore lender said it would work with the customers on compensation on a case-by-case basis.

In a statement out on Monday, DBS said customers who bought its High Notes 5 product in Singapore and Constellation Structured Retail Notes in Hong Kong will know the final valuation of the products by the end of the month.

The valuation is determined by the market and DBS has warned that some customers could lose their entire investment.

The bank's managing director and head of consumer banking group, Mr Rajan Raju, said over 300 customers had approached the Investor Care Centre in Singapore to express concerns about their investments.


- CNA/so