HSBC was sued by Singaporean billionaire Peter Lim’s ex-wife, who claimed she suffered losses because of the bank’s negligence.
Bloomberg News reports that Teo Geok Fong, who started investing with private banks after her divorce settlement in 2002, claims she was misled into believing certain products were suitable for her risk profile, according to her lawsuit filed against HSBC’s Singapore unit. The London-based bank has denied wrongdoing.
HSBC 'was always eager, motivated by their own commercial interests and / or financial benefits' to persuade her to buy products including accumulators, decumulators and equity-linked notes, according to Teo’s complaint filed in the Singapore High Court.
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image: © Howard Lake