Monday, May 25, 2009

Oei Hong Leong suing Citigroup

The Financial Times reported that one of Singapore’s businessmen has filed a lawsuit against Citigroup Inc.'s private banking arm in the latest example of the rising number of legal actions involving private banks and their clients in Asia following last year’s market turmoil. Oei Hong Leong claims he lost SG$1bn ($687 million) in 2008 because Citigroup Inc. allegedly gave him inaccurate and misleading information on his trading exposure. Mr Oei claimed the bank provided him with conflicting reports on his margin exposure, which led him to close his positions on foreign exchange trades in late October at the height of the global financial crisis and resulted in losses, according to court documents seen by the Financial Times. Mr Oei, who has fully settled the losses, is suing the private bank for negligence and misrepresentation after a 30-year relationship. He is asking the court to assess damages.

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