DBS Bank is being sued by more than 200 investors who lost a total of about $17 million on structured notes sold by DBS.

It was specified by Legal firm Premier Law, which served notice on DBS on Thursday, that the claim is based on the 'prospectus and pricing statement relating to the Notes 5'.

The investors want that the notes should be declared 'void' and their stakes be repaid.

Premier Law said: "The investors have taken this course of action after careful consideration, having sought advice from their legal advisors."

On Thursday, a DBS spokesman said that the bank is confident that the case is without merit; and that they will defend it.

It has been learnt that the 204 investors involved in the suit had lost about $17 million on the complex structured notes.

A whopping $103-million worth of DBS High Notes 5 were bought by over 1,400 investors. Over half of them invested $50,000 or less.