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.

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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.