Citigroup, Singapore tycoon settle lawsuit out of court: bank
SINGAPORE - Citigroup said Friday it had reached a settlement
with a prominent Singapore tycoon who claimed he lost a billion
Singapore dollars (710 million US) on deals because of the bank's
negligence.
The US banking giant declined to give details about the out-of-court
settlement it reached with Oei Hong Leong but said the tycoon will be
dropping his lawsuit against the company.
"Citi and Mr Oei Hong Leong have reached an amicable settlement, as a
result of which Mr Oei will be discontinuing the action," a spokesman
for the bank said in a brief statement.
"The terms of the settlement are confidential."
Oei, one of Singapore's richest individuals, alleged that the bank
painted an inaccurate picture of his trading exposure in the financial
markets, which led him to make decisions that ultimately caused him to
lose the money.
- AFP/vm