05 Jul '11, 9am

Standard Chartered is sued in Singapore by two Dubai-based groups of investors. Find out why.

Topics: Economy Government and Policy International On Tuesday 5 July 2011, 17:04 SGT SINGAPORE, July 5 (Reuters) - Two groups of Dubai-based investors are suing Standard Chartered for around $10 million in Singapore, saying they lost money after investing in a feeder fund linked to Bernard Madoff that had been recommended by American Express Bank (AEB), which Stanchart acquired in 2008. The investors, who had accounts with AEB in Singapore, invested a large portion of their funds in Fairfield Sentry, which in turn parked up to 95 percent of its money with Madoff. Madoff is now serving a 150-year jail sentence for defrauding investors through a Ponzi scheme. AEB "failed to act with reasonable care and skill in matters relating to the plaintiff's investments," the Dubai investors alleged in writs filed with the Singapore High Court. StanChart has denied liability, saying in...

Full article: http://sg.finance.yahoo.com/news/Dubai-investors-sue-Stan...

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