StanChart sued in Singapore for $2m

Thai businessman Chatchai Yenbamroong claims the bank gave him negligent and fraudulent investment information.

A Bloomberg report said, “Yenbamroong invested the money in a U.S. dollar callable note which the London-based bank had falsely misrepresented as a principal-protected conservative investment, the Thai businessman said in his lawsuit filed with the Singapore High Court on June 29.”

According to the claim, the businessman was “induced by his Standard Chartered banker to sign a blank account opening form.” Yenbamroong said the bank didn’t provide him with terms and conditions or ask him for an investor profile before he opened the account in 2009.

The case is scheduled to have its first closed hearing on 10 August 2011.

View the full report here.