Dubai-based investors have taken Standard Chartered to court
Two groups of Dubai-based investors have taken Standard Chartered bank to court in Singapore over an investment linked to notorious scammer Bernard Madoff, according to a report by Reuters yesterday.
The investors, who had accounts with AEB in Singapore, are claiming $10 million in damages, claiming they lost money after investing a large portion of their funds in Fairfield Sentry, which allegedly parked some of Madoff's ill-gotten gains.
They say that the fund was recommended to them by American Express Bank (AEB), which Standard Chartered acquired in 2008.
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.
© 7Days 2011
