Home THE DAILY EDGE Business DBS Hong Kong to pay $115m in Lehman settlement
DBS Hong Kong to pay $115m in Lehman settlement

Tags: DBS | DBS Bank | DBS Group | Dbs Group Holdings

Written by Reuters   
Wednesday, 14 July 2010 18:14
smaller text tool iconmedium text tool iconlarger text tool icon

DBS Hong Kong, a unit of DBS Group Holdings (DBSM.SI), will pay out a combined HK$651 million ($115 million) to some buyers of Lehman Brothers constellation notes, the territory’s financial regulator said on Wednesday.

Customers classified by the bank as having a low to medium risk profile would receive their money returned plus interest that would have been payable had it been placed in a fixed-term deposit, Hong Kong’s Securities and Futures Commission said in a statement.

Investors in Singapore, Hong Kong and Indonesia who bought the product had lost their money after the US investment bank Lehman Brothers went under in 2008.

The constellation notes are credit-linked notes related to the collapsed US bank.


 

Quote this article on your site

To create link towards this article on your website,
copy and paste the text below in your page.




Preview :


Last Updated on Wednesday, 14 July 2010 18:16