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Billionaire Peter Lim's ex-wife sues HSBC

Published on Feb 12, 2014 6:53 AM
Ms Teo claims she suffered losses because of the bank's negligence. HSBC has denied wrongdoing.

Singaporean billionaire Peter Lim's ex-wife is suing HSBC Holdings, claiming she suffered losses because of the bank's negligence.

Ms Teo Geok Fong, who started investing with private banks after her divorce settlement in 2002, claimed she was misled into believing certain products were suitable for her risk profile, according to her lawsuit filed against HSBC's Singapore unit.

The London-based bank has denied wrongdoing.

HSBC "was always eager, motivated by their own commercial interests and/or financial benefits" to persuade her to buy products, including accumulators, decumulators and equity-linked notes, according to Ms Teo's complaint filed in the Singapore High Court.

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