Deutsche Bank has been sued in Singapore by the co-founder of Hong Kong-based firm TPV Technology over a $32 million trading loss due to alleged false representation. The bank has denied any wrongdoing and told this publication the claim had no merit.

Deutsche Bank has been sued in Singapore by the co-founder of Hong Kong-based firm TPV Technology over a $32 million trading loss due to alleged false representation. The bank has denied any wrongdoing and told this publication the claim had no merit.

The co-founder suing the Frankfurt-listed bank is Stanley Pan Fang-Jen, a retired Taiwanese businessman.

“Deutsche Bank does not believe there is any merit to the claim and will defend it vigorously,” a spokesperson for the firm told this publication in an email.

According to one account of the lawsuit by Bloomberg, citing details of Pan's lawsuit filing, Deutsche Bank advised Pan to buy complex and high-risk structured products including accumulators and foreign-exchange derivatives in 2008. Such accumulators commit investors to buy securities at preset prices for a specified period of time.

The report cited Deutsche Bank’s defence filing as stating that Pan was a “speculative and aggressive investor” prepared to risk more than half of his assets for greater returns.

Pan’s lawyer, Christopher Chong, has reportedly declined to comment.

The case is Zillion Global Ltd. v Deutsche Bank AG (DBK), Singapore Branch. S716/2014. Singapore High Court, the report added.