Bloomberg.com, 2 Dec 2009
Dec. 2 (Bloomberg) -- A Japanese client sued Bank of America Corp.’s Merrill Lynch & Co. in Hong Kong for alleged reckless misrepresentation in selling him warrants that resulted in losses of 1.14 million yen ($13 million).
Other Asian clients have been suing their private banks this year, with Citigroup Inc. settling a lawsuit with a Singapore client in October and a former Goldman Sachs Group Inc. banker banned from the industry in Hong Kong in July for making unauthorized trades for a client. UBS AG was sued that month by a client over the sale of structured products.
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