JBARF Julius Baer Gruppe AG (PK)

Swiss bank Julius Baer Group AG (JBAXY) won a bid in Singapore to recover EUR34.1 million ($43.8 million) from Singapore-based commodities investor and trader LonGains Investment Pte., Bloomberg News reported Thursday on its website, citing two unnamed sources.

LonGains had no money in its euro and U.S. dollar accounts when it placed a trade in August on notes issued by BNP Paribas SA (BNP.FR) and linked to Commerzbank AG (CBK.XE), triggering a EUR34.1 million overdraft, the report cited Julius Baer's Sept. 27 lawsuit as saying.

LonGains director Magindra Raw Manian said the company was going to appeal the decision, while a Singapore-based spokeswoman at Julius Baer declined comment on litigation matters, the report said.

Full Story: http://www.bloomberg.com/news/2012-01-18/julius-baer-said-to-win-bid-to-recover-43-8-million-from-singapore-trader.html