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Tycoon sues Goldman Sachs over $38m loss

From news.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)

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