South Morning China Post, 7 Nov 2008, Joyce Man
Five investors in derivatives that lost much or all of their value when US bank Lehman Brothers collapsed have filed cases with the Small Claims Tribunal seeking refunds on their investments - the first legal action against local banks over the multibillion-dollar losses. The claimants are aged between 50 and 71, and each bought between HK$39,000 and HK$40,000 of derivatives issued or guaranteed by Lehman Brothers from Citic Ka Wah Bank, Mevas Bank and Wing Lung Bank. Four of them had bought minibonds.
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