Citigroup, Singapore tycoon settle lawsuit out of court: bank

Citigroup said today it had reached a settlement with a prominent Singapore tycoon who claimed he lost a billion Singapore dollars (710 million US) on deals because of the bank's negligence.

Updated on: Oct 2, 2009, 15:21:02 IST

AFP | By HT Correspondent, Singapore

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Citigroup said on Friday it had reached a settlement with a prominent Singapore tycoon who claimed he lost a billion Singapore dollars (710 million US) on deals because of the bank's negligence.

The US banking giant declined to give details about the out-of-court settlement it reached with Oei Hong Leong but said the tycoon will be dropping his lawsuit against the company.

"Citi and Mr Oei Hong Leong have reached an amicable settlement, as a result of which Mr Oei will be discontinuing the action," a spokesman for the bank said in a brief statement.

"The terms of the settlement are confidential."

Oei, one of Singapore's richest individuals, alleged that the bank painted an inaccurate picture of his trading exposure in the financial markets, which led him to make decisions that ultimately caused him to lose the money.

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