A legal case brought against Standard Chartered claiming that it mis-sold a range accrual note has been dismissed by Singapore's high court.
Four investors claimed they were told that the $700,000 they had placed in 10Y NC3m Callable Libor Range Accrual Note was principal guaranteed and had a minimum return. However, Justice Tay Yong Kwang said the plaintiffs had tried to 'gain an unfair tactical advantage' by not fully disclosing documents relevant to the case.
The note was originally sold in March 2008 by American Express Bank, which was subsequently acquired by Standard Chartered.
The investors include Lee Chang-Rung, his brother, his sister and his brother-in-law.