One of Singapore’s richest businessmen has filed a lawsuit against Citigroup’s private banking arm in the latest legal action involving private banks and their clients in Asia after last year’s market turmoil. In a suit filed last week in Singapore’s High Court, Oei Hong Leong claims he lost S$1bn ($687m) in 2008 because Citi allegedly gave him “inaccurate and misleading” information on his trading exposure. Citi said it would “vigorously” defend its position.

This entry was posted by Gwen Robinson on Thursday, May 21st, 2009 at 4:57 and is filed under Capital markets, People. Tagged with citi. Edit this entry.