13 Dec '12, 8am

Taiwanese Scientist Chang Tse Wen Wins Suit Against Bank For Accumulator Losses

Taiwanese Scientist Chang Tse Wen Wins Suit Against Bank For Accumulator Losses by Tiang Chuan on December 13, 2012 The High Court awarded well-known Taiwanese scientist Dr Chang Tse Wen US$49m in damages plus interest and legal costs for his losses suffered through financial products known as Accumulators bought from Deutsche Bank as a result of negligent advice. Dr Chang made $118m from his work on the asthma drug Xolair after selling his firm to Genetech in 2007 and opened an account with Deutsche Bank in August that year. Between late 2007 and early 2008, the bank’s relationship manager sold 34 accumulator contracts to Dr Chang. The investments turn sour during the financial crisis. Accumulators, also known as “I kill you later”, were complex derivative products tied tot he performance of asset prices versus a pre-specified strike price. To know more about accumulators...

Full article: http://thefinance.sg/2012/12/13/taiwanese-scientist-chang...

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