Investors to sue 11 renowned banks

A group of 30 millionaires plan to sue 11 foreign banks including ABN AMRO, DBS, HSBC, and Citibank in Beijing, claiming those banks cheated them into buying complex financial derivatives which led to losses of more than HK$1 billion yuan ($129 million).

Lai Jianping, a partner of the Transking Law Office in Beijing and director of a so-called 'Victims Association of Discount Stock", told METRO yesterday there are 30 members in his association, including some living in Taiwan and Hong Kong.

"We had a total loss of HK$1 billion," he said.