Saxo Trades Lawsuits With Clients After Swiss Currency Turmoil
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Saxo Bank A/S, a Danish broker bank stung by losses on Switzerland’s surprise revaluation of the Swiss franc, sued 12 currency-trading clients in Singapore in the latest lawsuits stemming from January’s exchange-rate turmoil.
The customers are liable for their losing trades, Saxo’s Singapore unit said in lawsuits last month, seeking $7.62 million in total. The clients countersued, saying their losses were caused by Saxo Capital Markets Pte’s arbitrary and retrospective repricing of trades, according to a joint complaint filed in the Singapore High Court.