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...
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