HKMA refers nine Lehman-Brothers-related cases to the SFC for further action

Press Releases

09 Apr 2009

HKMA refers nine Lehman-Brothers-related cases to the SFC for further action

The Hong Kong Monetary Authority (HKMA) has today (Thursday) referred to the Securities and Futures Commission (SFC) nine cases involving complaints of alleged misconduct in respect of investment products related to Lehman Brothers for it to decide whether to take further action. The nine cases, which are the twenty-fourth batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by two licensed banks in Hong Kong.

Since 17 October 2008 the HKMA has referred a total of 427 Lehman-Brothers-related cases, involving 16 banks, to the SFC for further action. These cases have been reviewed by the HKMA, which has determined that there are sufficient grounds for referring them to the SFC.

The HKMA has, up to 8 April 2009, received 20,724 complaints concerning Lehman-Brothers-related products, of which 20,509 complaints have gone through the preliminary assessment process. Apart from the 427 cases referred to the SFC so far, the HKMA has formally opened investigations on 5,429 complaints and is currently seeking further information on 13,927 complaints. Seven hundred and twenty six complaints have been found to lack sufficient prima facie evidence to support further action (A table summarising the complaints received so far is attached).


For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
9 April 2009

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Last revision date : 09 April 2009