InfoAnda - UBS sued in HK over investor's $26 million loss

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: UBS sued in HK over investor's $26 million loss AP - Wednesday, July 29 HONG KONG - Swiss banking giant UBS AG is being sued in Hong Kong for allegedly duping a 77-year-old woman into buying highly risky derivative investments that cost her nearly $26 million in losses. ADVERTISEMENT Chan Wai-yee, who was born in mainland China, filed a lawsuit Tuesday saying UBS bankers never spelled out the risk and potential losses of investing in leveraged derivative products, known as accumulators, that bet on Hong Kong stocks. Chan also says the bank led her to sign several documents in English _ including one that made her a "professional investor" under local securities regulations _ even though she doesn't speak the language and never finished primary school. The bank never provided her with all the documents in Chinese, the suit says. Chan alleges breach of professional duty and seeks unspecified damages from UBS. UBS spokeswoman Angel Yeung in Hong Kong declined to comment. According to court documents, UBS entered Chan into 25 transactions involving accumulators between September 2007 and February 2008. By October 2008, as the financial crisis sent global markets into a free fall, she had suffered losses of more than $200 million Hong Kong dollars ($25.8 million). UBS told her to sell some of her stocks to settle the debt _ and then charged her an unwinding fee of HK$47.3 million ($6.1 million). The bank later agreed to pay her HK$10 million ($1.29 million) in June following negotiations between the two parties. Chan started with HK$260 million ($33.5 million) in her account. She has declined to specify how she amassed her fortune. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business China to cut fuel price by 3%: govtAFP - Wednesday, July 29 Canon's profits plunge in first-halfAFP - Wednesday, July 29 Putnam cuts fund fees, restructures pricingAP - Wednesday, July 29 IBM to acquire SPSS for $1.2BAP - Wednesday, July 29 China to ban violent online gamesAP - Wednesday, July 29 Most Popular – Business Viewed Doctor gave Jackson drug that killed him: CNN Police raid Vegas home of Jackson doctor Sunbeds elevated to top cancer risk level: WHO Lost love letter reunites couple after 16 years Ex-boxing champ Forrest shot in back and killed View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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