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  • Tycoon sues Goldman Sachs over $38m loss

    From asiaone.com

    Tycoon Oei Hong Leong has claimed that banking giant Goldman Sachs International misled him into making currency trades that ended up costing him more than 3 billion yen (S$38 million) when the market tanked earlier this year. Mr Oei's lawsuit concerns bets made on the Japanese yen. This is one of the first cases of rich investors suing private bankers after losing money in this year's turbulent market, but mirrors many similar suits taken out after the 2008 and 2009 financial crisis. In the writ of summons filed with Singapore's High Court on Friday, Mr Oei said he bet on May 15 that the yen would fall against the ... (full story)

He thought GS was looking out for his best interest? ahhahsasahshasashiifksfsblvasvljbLdbjb
C'est la vie; at least he got back around 25% in premiums....
even big fish receiving margin call
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professional complainer (y)
He'd do us all a favour including the BoJ in that lawsuit: for all their commitment to ease the Yen they only managed to move it in April and after that it's stuck in sideways purgatory. Their promise of "historic" QE has got the entire market wetting their shorts and the JPY index cannot hold below 1.00.
Big Promise and No Deliver. Let both them and GS pay the man.
I am sure he has already signed some contract which says GS will not be complier to pay for losses.
I don't think he will win. But, such a case will make a wake up call for big boys
  • Post #8
  • Quote
  • Edited at 11:40pm Sep 22, 2013 10:47pm | Edited at 11:40pm
Quoting DR Ali
I am sure he has already signed some contract which says GS will not be complier to pay for losses.
no doubt that was their first priority when they started licking his feet, but I reckon that old thieving clause belongs in the dustbin of history. Of course GS and every other investment broker must pay for losses! Who are they? The Colombian Necktie Gang? In fact, if i was a customer I'd demand they guarantee my capital and pay a penalty when they don't meet their agreed targets. Else don't invest with them. If they don't like it they can stick their contract in their jacksy and watch me walk my money out the door.
lol.....

Why doesn't this surprise me.....?
"Mr Oei was also supposedly told that real-yen trades were liquid and could be executed any time, and that they behaved very similarly to US dollar-yen trades. But the statements were false."

Wow, recommended Real-Yen trades. The spread must be huge. If GS actually said this, then well, maybe there is a case for neligence.
Goldman Sachs misleading muppets? No way, this can't be true
tell us something we didnt know about GS
GS told this man to go the usual way what it tells the investors and GS actually to the money way, best of luck with your case Sir.
He will be lucky to see 30 cent on the $ judgment. Best of luck to you my friend.
http://www.rollingstone.com/politics...chine-20100405
Being a billionaire and seeking financial advice from the likes of GS seem incompatible
" Mr Oei had made six margin calls on his trades - essentially topping up his account so his leveraged position could remain open"

Adding to a losing position 6 times..... So many things he did wrong here

Can someone send Mr Oei the link to Babypips?
I guess when you're a billionaire you don't have to use a stop loss.
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  • Story Stats
  • Posted: Sep 22, 2013 9:13pm
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 18  /  Views: 6,983