Reuters, 19 May 2009, Saeed Azhar
SINGAPORE, May 19 (Reuters) - Singapore-based businessman Oei Hong Leong has sued Citigroup's (C.N) private bank for negligence and misrepresentation after he lost S$1 billion ($684 million) on foreign exchange and bond trades last year, the Straits Times reported on Tuesday.
Oei's lawsuit said Citi, with which he has a 30-year relationship, repeatedly gave him an inaccurate picture of his trading exposure, which led him to take on more positions than he would have taken otherwise, the newspaper said, citing court documents. It said Oei declined to comment about the court case.
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