Stanley Pan Fang-Jen, a co-founder of Hong Kong-based TPV Technology Ltd., filed a lawsuit in Singapore against German lender Deutsche Bank AG (DB), over a $32 million trading loss due to alleged false representations. The bank denied wrongdoing, according to Bloomberg reported.
The report said that the bank advised the retired Taiwanese businessman to buy complex and high-risk structured products including accumulators and foreign-exchange derivatives in 2008. Accumulators commit investors to buy securities at preset prices for a specified time.
Pan was a "speculative and aggressive investor" prepared to risk more than half of his assets for greater returns, the Frankfurt-based bank said in its defense filed last month. Pan told the bank he would make trades on his own terms, rejected some investment products and was firm in his view the U.S. dollar would weaken in 2008, Deutsche Bank reportedly said.
The bank reportedly will defend against the lawsuit, which has no merit.
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