The Alliance of Lehman Brothers Victims has officially rejected the latest compensation offer by banks that have distributed the so-called Lehman mini-bonds to them.
The group which represents people who bought structured investment products linked to the collapsed American bank and therefore lost money was responding to the offer by 16 Hong Kong banks to pay back up to 96.5 percent of their original outlay.
The Alliance’s convenor, Eddy Chan, insisted on Monday that they should get a 100 percent refund. Financial Secretary John Tsang urged investors to accept the payout offer to avoid tedious legal procedures Monday.
Under the deal, the estimated 31,000 investors could recover up to 96.5 percent of their initial outlay — an improvement on the 60 percent offered in 2009. Tsang said the proposal showed that the banks were sincere. But he added that if investors were still unhappy they could go ahead with legal action.
