a-rising-tide-of-lawsuits-between-banks-and-clients

A rising tide of lawsuits between banks and clients

As the economy flounders in the doldrums, the number of legal actions increases.

As the economic downturn continues, a trend is emerging of banks suing clients for payments -- and of clients suing their banks in return.

Citi private bank and Merrill Lynch are both embroiled in lawsuits at the moment. J.P. Morgan won a London court ruling in a $19.1 million lawsuit against Kalbe Farma in late December over allegations that the company reneged on a currency-hedging agreement. The US bank is currently attempting to enforce that ruling in a Jakarta court.

Similarly, in Merrill's case, the story began by the firm seeking repayment in a fail-to-pay case. Last summer, Merrill Lynch bought shares for Singapore-based company Renaissance Capital Management Investment and its founder,...

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