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SINGAPORE: A group of Lehman Minibond investors, who lost money with the bankruptcy of Lehman Brothers in September last year, have begun legal action in a bid to recoup their losses.
One of them – who wanted to be known only as Steven – had together with his wife invested S$200,000 in the Minibonds.
He declined to provide details on the law suit as the group is still in the process of serving writs to the defendants, but he did say more than one party is being sued.
Steven is a member of the Minibond Investors Action Group (MIAG), which first surfaced in February.
MIAG said then it believed "a class action" against the distributors and the notes trustee was the most effective way to "seek redress and recoup losses".
The group is being advised by lawyer Conrad Campos of Conrad Campos & Company.
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