Citibank Claims Former Bankers Plundered S$50M

Law360, New York (September 22, 2006, 12:00 AM EDT) -- In the latest twist in Citibank’s legal wrangling with six of its former bankers in Singapore’s High Court, the U.S.-based financial giant has alleged in court documents that three of the employees snatched S$50 million ($32 million) of its private banking business when they defected to rival UBS.

Citibank has targeted the former bankers in a slew of lawsuits, alleging that some of them attempted to persuade wealthy clients to move their business to UBS when the bankers jumped ship, Reuters reported on Friday.

While private...
To view the full article, register now.