BNP Paribas SA’s wealth management unit won dismissal of a lawsuit filed by Nitine Jantilal, a former client who claimed the bank made unauthorized trades leading to a shortfall in his account.
Jantilal sued the bank in 2009 over allegations that a S$1.1 million ($883,000) reduction in his account was due to the bank’s breaches. The Indian national had made two of his relatives co-signatories of his account and claimed he was unaware of trades based on instructions from them, Singapore High Court Judge Choo Han Teck said in a ruling today.
Jantilal “assumed the risk of making his relatives authorized signatories. He cannot now say that he did not authorize them,” Judge Choo said. BNP Paribas (BNP) “executed the specific asset transactions and swap transactions with the proper authority.”
The decline in asset value in Jantilal’s account was due to trades made by his authorized signatories and market fluctuations, according to the ruling.
K. Muralidharan Pillai represented the bank.
The case is Nitine Jantilal v. BNP Paribas Wealth Management S1048/2009 in the Singapore High Court.
To contact the reporter on this story: Andrea Tan in Singapore at email@example.com
To contact the editor responsible for this story: Douglas Wong at firstname.lastname@example.org