An 84-year-old woman and her mentally ill son who bought derivatives sold by Lehman Brothers have reached an agreement with DBS on a partial refund, said Chan Kam-wah, the woman's younger son last night.
The reasonable settlement might put more pressure on the other banks to offer their investors a refund.
This is the first sign of resolution since the investment bank went into bankrupcy and came a day after Chief Executive Donald Tsang Yam-kuen demanded banks to respond.
Mrs Chan and her elder son bought 'global corporate basket credit-linked notes' from DBS in 2006 and 2007.
They have met with Linda Wong, DBS Regional Head of Consumer Banking, to disclose the settlement.
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