The Monetary Authority has today referred to the Securities & Futures Commission for further action another 40 cases involving complaints of two licensed banks' alleged misconduct concerning Lehman Brothers investment products.

One of the banks has been subject to referral in the first batch of 24 cases on October 17.

The authority said in light of the large number of complaints, it will streamline the investigation process by identifying groups of cases with common features which appear to justify referral to the commission in batches, adding it will cooperate with the commission in conduct further investigations to speed up the process.

Sanctions the commission may impose on a bank include suspension or revocation of registration, reprimands, fines or prohibition orders.

Up to October 23, the authority had received 16,301 complaints concerning Lehman-Brothers-related products. Besides the 64 referrals, it has started investigations into 285 cases and is seeking further information on 1,942 complaints. Another 28 complaints did not have sufficient prima facie evidence.