Deutsche Bank to Pay $49 Million to Ex-Client, Judge Says
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Deutsche Bank AG was ordered by a Singapore court to pay $49 million to former client Chang Tse Wen in a dispute over losses on investments tied to Citigroup Inc. shares.
“All the losses that Dr. Chang suffered were caused in fact and in law by” his banker and Deutsche Bank’s breach of the duty of care, High Court Justice Philip Pillai wrote in a 71-page verdict released yesterday.