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

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),4574,413973,00.html?

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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.

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.
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