A group of 213 investors in Singapore lost a bid to recoup S$18 million ($14 million) of losses tied to Lehman Brothers Holdings Inc. (LEHMQ), with an appeal court upholding a lower court ruling that dismissed their claim.
DBS Bank Ltd., which sold credit default swaps linked to Lehman, had inconsistencies in the investment’s prospectus and pricing statement, the investors claimed. They sought to have the contracts annulled and their investments returned. DBS Bank, a Singapore-based unit of DBS Group Holdings Ltd. (DBS), Southeast Asia’s biggest bank, had declared the investments were worthless after Lehman collapsed in 2008. Full story
