Saxo Bank sue 12 clients in Singapore to recover trading losses after SNB cap removal
Bloomberg are reporting that Saxo Bank clients in Singapore are being sued for $7.62m saying that the customers were liable for the losses over the SNB fiasco. The clients have countersued saying that their losses were caused by Saxo Capital Market's PTE arbitrary and retrospective repricing of trades.
Swissquote Group Holding SA is another broker that has announced this month that it will be taking legal action to recover money that customers borrowed and lost (sounds like leverage). They say that they have been in contact with around two thirds of their 420 customers who lost money and are expecting to take legal action against the remaining third.
More from the story now;
The Saxo customers say that Saxo wrongfully deducted funds and sold assets after the price revisions, which didn't reflect market rates and are seeking additional damages for that alleged breach. Saxo have countered that they are contractually allowed to correct faulty prices and that they were trying to avoid being sued when they continued accepting CHF orders after the SNB pulled the cap
The full story from Bloomberg can be found here
