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Retired TPV founder sues Deutsche Bank over US$32m loss

Published Wed, Jan 14, 2015 · 09:50 PM
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Singapore

DEUTSCHE Bank AG was sued in Singapore by Stanley Pan Fang-Jen, a co-founder of Hong Kong-based TPV Technology Ltd, over a US$32 million trading loss due to alleged false representations. The bank denied wrongdoing.

The bank advised the retired Taiwanese businessman to buy complex and high-risk structured products including accumulators and foreign-exchange derivatives in 2008, according to his lawsuit in the Singapore High Court. Accumulators commit investors to buy securities at preset prices for a specified time.

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