AN INDONESIAN couple are suing UBS Singapore for US$8.6 million (S$12.7 million), which they say was lost because of an 'unsuitable' foreign exchange product offered to them by the bank.
Mr Turniady Widjaja and his wife Rosemary, who have been private banking clients of UBS since 2005, lost the money last year on trades in currency derivatives known as accumulators.
According to court documents obtained by The Straits Times, they claimed they were told that trading in accumulators was 'simple and flexible' and that 'there would be guaranteed profits', but the product turned out to be 'sophisticated'.
