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Investor rights group launches legal action on Lehman products
Story by: Gemma Westacott Magazine: FTAdviser Published Friday , October 03, 2008
Brussels-based investor rights group Deminor is launching legal action on behalf of people who lost money from securities issued by Lehman Brothers.

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Deminor claims Netherlands-registered Lehman Brothers Treasury Co BV issued issued bonds and structured products worth an estimated $34bn (£19.3bn) across Europe in recent years - some of which were sold on to retail investors - which were "unconditionally and irrevocably" guaranteed by US parent company Lehman Brothers Holdings.

Deminor added that, as a result of both the unit and parent company filing for Chapter 11 bankruptcy protection last month (September), many investors "are currently exposed to substantial losses on a pan-European scale".

In a statement Deminor said: "Due to this, a large number of investors across Europe who acquired these bonds and structured products from Lehman Brothers now face substantial losses."

Deminor said it would start immediate action to safeguard and protect the rights of these investors and recoup the losses.

Deminor said: "In many cases, the European banks seem to have made misrepresentations about the risk profile and guarantees attached to these instruments when promoting them with their retail clients."

It added that it would also take legal action against intermediaries and other brokers who had sold on Lehman investments.

"Deminor will also file actions against those intermediaries who have distributed bonds and structured products on the European market and have failed to comply with MiFid requirements. Investors can register on-line and input their transaction data through Deminor’s web site."

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It's time to unleash the potential of protected rights

New pensions legislation coming into effect from 1st October heralds greater control, investment choice and flexibility for protected rights. It’s time to unleash their potential writes Andy Pennie.

Click here to find out more


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