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Lawsuits darken Everbright's future

Updated: 2013-09-04 07:44
By Shi Jing in Shanghai ( China Daily)

With a spate of lawsuits looming, Everbright Securities' prospects look anything but bright.

An investor in Shanghai has filed a 100,000 yuan ($16,330) claim against the beleaguered stock brokerage. The investor's lawyer, Yan Yiming, said the amount may be small, but the case is groundbreaking because it has the potential to heighten the investors' sense of justice.

Also, an investor in Guangzhou has filed a 70,000 yuan claim. The lawyer representing the investor, Ye Xiaolei, was quoted by a local newspaper as saying that the lawsuit was prompted by losses caused by Everbright Securities' inadequate trading system and its executives' false statements following a trading error.

Lawsuits darken Everbright's future