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Lawsuit against HSBC in Singapore

Singapore millionnaire Peter Lim’s former wife Teo Geok Fong has sued HSBC Holdings claiming she suffered losses because of the bank’s negligence. Teo, 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. She has filed the lawsuit against HSBC’s Singapore unit. The bank has denied wrongdoing. The complaint said the bank 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 and she with high-school education trusted her banker’s advice. The bank, asked the court to dismiss the lawsuit.

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