"I am so angry. The bank has been telling lies from the very beginning," said Shirley So, who bought US$130,000 (HK$1.01 million) of structured notes from DBS.

"Banking staff told me the products I bought were rated AAA, but they turned out to be not worth a penny."

DBS, the first bank to announce such valuations, said just two of 32 Constellation credit-linked notes are worth something.

Investors in the two series should get 8.7 percent of their money back on Friday.

A DBS spokeswoman said no money is due to investors in other notes. Investors who bought series 36 notes for US$5,000 will get US$435.36 back. Those who bought series 37 notes for HK$30,000 will get HK$2,620.92.

"The result is totally unacceptable," said a man surnamed Yung, representing his young sister who invested HK$300,000 in the products from DBS.

"We will definitely take further action and may sue them."

The bank said the reduction in the amount payable on the notes is due to the notional loss on the reference obligation, ie Lehman Brothers, which is now bankrupt and almost worthless.

DBS will continue to investigate complaints about misselling of the products.

Investors in products linked to mortgage firm Fannie Mae had better luck.

They will get back 70 percent of the original value of series 39 and 40 notes and 100 percent plus a token amount of interest for series 41 and 42 notes.

Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung said DBS notes are different to Lehman minibonds and calculating the remaining value of minibonds takes time because of their complex nature.

The Democratic Party's Kam Nai- wai questioned why no banks have yet been punished for misselling.