forex trade

Customer sues NAB over forex trade loss

NATIONAL Australia Bank is under attack again over its forex trading skills, with a former customer suing it, claiming the lender lost the equivalent of Pounds 390,000 of his money when it failed to foresee a slump in the Aussie dollar.

NAB is trying to rebuild its reputation after a rogue trader chalked up forex losses of A$252 million (Pounds 103 million) earlier this year. NAB is reviewing its European operations, which include the Clydesdale, Yorkshire, National Irish and Northern banks.

Animal- hide trader Trevor Korn says the bank acted negligently in advice it gave him on currency trading in January 2000.

He says it urged him to terminate existing hedge contracts at a loss and buy US dollars to cover their own exposure. He claims he was the victim of failures of the bank's procedures exposed in the January scandal.

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