Ex-Julius Baer Banker Sued for Negligence in Singapore
A former banker from Julius Baer in Singapore has been sued over allegedly negligent behavior related to shares sold in 2017.
Former Julius Banker relationship manager Loh Kia Hui has been sued by Taiwan-born Singapore businesswoman Fiona Lee Hsueh Ching and her Canadian husband for negligence, according to a «Straits Times» report citing legal proceedings.
Lee claims that Loh advised her to sell shares in Toronto-listed Lithium Americas Corp in 2017 for C$1.53 ($1.11) per share and promised to monitor prices and inform her when they fell below C$1 to repurchase for short-term trading. The stock eventually consolidated to a price equivalent of five times more per share while Loh allegedly failed to notify Lee that it had fallen below the target price many times.
Loh denies giving such advice and making the alleged promises. Her lawyers argue that Lee has «seller’s remorse» while Julus Baer claims Loh was not authorized to give advice.
Julius Baer was not sued in the case but Loh has added the bank as a third party to the suit. The trial continues on September 18.
