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HKMA refers 8 Lehman-Brothers-related cases to the SFC for further action The Hong Kong Monetary Authority (HKMA) has today (Friday) referred to the Securities and Futures Commission (SFC) 8 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 8 cases, which are the third batch of Lehman-Brothers-related cases referred in this way, involve alleged misconduct by one licensed bank in Hong Kong. On 17 and 24 October 2008, the HKMA referred two batches totalling 64 Lehman-Brothers-related cases to the SFC for further action. These cases had been reviewed by the HKMA, which had determined that there were sufficient grounds for referring them to the SFC. While reviewing the complaint cases received so far, the HKMA identified 3,103 duplicate complaints. After adjusting for these, the HKMA had, up to 31 October 2008, received 13,981 complaints concerning Lehman-Brothers-related products. Apart from the 72 cases referred to the SFC so far, the HKMA has formally opened investigations on 433 complaints and is currently seeking further information on 2,439 complaints. 37 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: Hong Kong Monetary
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