Saturday, November 20, 2010

Business Times: UBS takes on couple in $9m lawsuit

Published in Business Times

Husband and wife, who have been private banking clients, countersue
By MICHELLE QUAH

The Singapore arm of Swiss bank UBS AG is taking two of its private banking clients to court, on the grounds that the couple owes the bank some S$9 million.

The couple, Ng Kok Keong and wife Yow Sin May, have filed a counterclaim - saying that their money was lost as a result of the 'grossly negligent' behaviour of their relationship manager, Lily See. They are seeking damages, in addition to what they have claimed they had lost.

Read the full story in BT website (free after 6 pm)
http://www.businesstimes.com.sg/sub/news/story/0,4574,413973,00.html?

More Singapore stories in this portal:
http://www.easyapps.sg/SGEP/Latest.aspx

My comments
Reading the facts of this case, I get the impression that the investments were made in leveraged dual currency contracts. I have warned investors to avoid these type of contracts. Read this article.
Posted by at

1 comment:

amjadbutt said...

As its a matter of "grossly negligent" so the bank must have to compensate the husband and wife if the bank is really declare as it shows the negligent behavior.
Best regards,
360 degree feedback

November 25, 2010 5:49 PM

Post a Comment

Subscribe to: Post Comments (Atom)

Blog Archive