SINGAPORE: Standard Chartered Bank was sued by two groups of Dubai-based investors in Singapore claiming they lost $10 million after being misled into investing in funds that channeled money to Ponzi scheme operator Bernard L Madoff .
American Express Bank , which has since been acquired by Standard Chartered, had misrepresented Fairfield Sentry as an "extremely stable" investment, the investors said in two lawsuits filed with the Singapore High Court. The bank also claimed it performed "extensive due diligence" on Fairfield, also-called feeder fund in Madoff's Ponzi scheme, according to court papers submitted by the investors. Full story
Related:
Standard Chartered Sued in Singapore Over Investment Products - Bloomberg
Groups sue over Madoff link - Zawya.com
