Deutsche Bank wins overturn on $49m award

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Deutsche Bank has won an appeal overturning a Singapore ruling ordering it to pay former client Chang Tse Wen $49m for negligence in advising him on his investments.

Bloomberg News reports that Singapore Chief Justice Sundaresh Menon, writing for a three-judge panel of the city state’s top court, said in yesterday’s judgment that the bank can recover $1.79m it originally sought from Chang in a 2009 lawsuit.

Chang, a Taiwanese scientist who invented the Xolair asthma drug, had won the lower court case last year after countersuing Deutsche Bank over his losses on bets on companies like Citigroup Inc.

The bank didn’t have a duty in advising him on managing his portfolio, the court said in yesterday’s ruling.

Chang had said he 'entrusted' the bank with part of the $118m he made from selling his company, Tanox Inc., to Genentech Inc. in 2007.

The scientist was a 'sophisticated man' who ignored the advice of his banker to diversify his investments, Deutsche Bank’s lawyer, Ang Cheng Hock, had argued.

To access the complete Bloomberg article hit the link below

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