Reply
Page 6 of 6 FirstFirst ... 3 4 5 6
Like Tree27Likes

Bank churning account

  1. #51

    Join Date
    Mar 2015
    Posts
    830
    Quote Originally Posted by nivantj
    Something relevant for people in similar situation...

    Minds are fixed on money in bank - The Standard
    That will save time when it comes to ripping them off.

  2. #52

    Join Date
    Jan 2013
    Posts
    166

    Tough decision and time it takes to resolve this sucks. The most effective way is probably to wage an expensive lawsuit. The bank clearly doesn't want to go to court since it would cost them a lot of money and HKMA to be on their butt on a lot of stuff, if they aren't already. Would advise hiring a lawyer with expertise in this area to handle your settlement negotiations. Should be well worth the money since right now they aren't even compensating you. The offer to roll back to what it was a while ago is pretty lame and a sign they are testing you.


  3. #53

    Join Date
    May 2006
    Location
    Pampanga, Philippines
    Posts
    18,869
    Quote Originally Posted by jack55
    Tough decision and time it takes to resolve this sucks. The most effective way is probably to wage an expensive lawsuit. The bank clearly doesn't want to go to court since it would cost them a lot of money and HKMA to be on their butt on a lot of stuff, if they aren't already. Would advise hiring a lawyer with expertise in this area to handle your settlement negotiations. Should be well worth the money since right now they aren't even compensating you. The offer to roll back to what it was a while ago is pretty lame and a sign they are testing you.
    But on what grounds would the OP be compensated? It is not his bank account. (I am in no way defending the bank).

  4. #54

    Join Date
    Dec 2018
    Posts
    22
    Quote Originally Posted by jack55
    Tough decision and time it takes to resolve this sucks. The most effective way is probably to wage an expensive lawsuit. The bank clearly doesn't want to go to court since it would cost them a lot of money and HKMA to be on their butt on a lot of stuff, if they aren't already. Would advise hiring a lawyer with expertise in this area to handle your settlement negotiations. Should be well worth the money since right now they aren't even compensating you. The offer to roll back to what it was a while ago is pretty lame and a sign they are testing you.
    To have legal standing, we first need to file something called Part 2 with the courts. The lawyer for this costs somewhere around HK$100,000 if not contentious. If there is a fight in the family, a real possibility, it can cost a hell of a lot more. Then we need to hire another lawyer to sue the bank. The bank has a bevy of lawyers on staff; not true for us. The offer to unwind the trades implies giving my Dad back the fund charges, and possibly market losses on the funds. (He will be oblivious to all this.) It is not a nothing offer, though we still need to see how much it actually is. The offer, apparently, has to be good enough to satisfy the HKMA. These are our considerations ...
    shri and hullexile like this.

  5. #55

    Join Date
    Jan 2013
    Posts
    166
    Quote Originally Posted by jeffrc
    To have legal standing, we first need to file something called Part 2 with the courts. The lawyer for this costs somewhere around HK$100,000 if not contentious. If there is a fight in the family, a real possibility, it can cost a hell of a lot more. Then we need to hire another lawyer to sue the bank. The bank has a bevy of lawyers on staff; not true for us. The offer to unwind the trades implies giving my Dad back the fund charges, and possibly market losses on the funds. (He will be oblivious to all this.) It is not a nothing offer, though we still need to see how much it actually is. The offer, apparently, has to be good enough to satisfy the HKMA. These are our considerations ...
    That's very true. Hopefully find an experienced lawyer with experience at least to give some guidance and see if the offer makes sense or is way off base. It does seem that their offer plus a small sweetener would be amenable. Good luck with this. @hullexile brings up a good point and that's how much can they really give you. No returns are guaranteed. Giving back what was "stolen" seems a fair offer. Unless there is some cause for mental distress that can be quantified then I'm not sure what can be added on.

Reply
Page 6 of 6 FirstFirst ... 3 4 5 6