77-year-old woman sues over 26-million-dollar investment loss

77-year-old woman sues over 26-million-dollar investment loss Hong Kong - A 77-year-old Hong Kong woman is suing Swiss banking giant UBS AG for damages after losing more than 200 million Hong Kong dollars (25.6 million US dollars) on investments, a media report said Wednesday.

Chan Wai-yee, who was born in China and has only three years of schooling, claimed UBS was negligent and breached its professional duty after she was misled into making investments in high-risk share products, the South China Morning Post said.

In a High Court writ, Chan said she moved all her assets including cash and shares totalling about 260 million Hong Kong dollars to UBS in 2007 after her banking adviser moved to the bank.

Chan said she was induced into making 25 share transactions between September 2007 and February 2008 through a financial product she was advised to buy without being told of the potential loss.

By October Chan's total losses were more than 200 million Hong Kong dollars and she was forced to sell some other shares to cover her losses at the bank.

UBS has already agreed to pay her 10 million Hong Kong dollars to settle the dispute, but Chan is seeking damages for the money she lost. (dpa)