Singapore tycoon Oei sues Goldman Sachs for currency losses

Oei lost a whopping $32.22m, says Reuters.

According to court documents seen by Reuters, Goldman Sachs has been sued by a Singapore businessman for allegedly giving misleading advice that cost him 3.18 billion yen ($32.22 million) in losses on currency options.

Reuters said in its report that Oei Hong Leong, ranked 32nd on Singapore's rich list by Forbes with a net worth of $745 million, wants Goldman to compensate him for the losses as well as pay him interest and costs. Oei also wants the court to award him damages.

Goldman has rejected Oei's claim, with a spokeswoman in Hong Kong saying, "We believe the lawsuit is without merit and we intend to vigorously contest it."

Read full report here.