Customer sues Aussie bank over loss
NATIONAL Australia Bank is under attack again over its foreign exchange trading skills, with a former customer suing it, claiming the lender lost the equivalent of £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 foreign exchange losses of A$252m (£103m) earlier this year.
The group 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.
