Investors in a crude futures structured product sold by Bank of China (BoC) have lost their investments after the collapse of global crude prices, and they are holding the bank responsible for their losses.
Hundreds of clients of state-owned Bank of China (BoC) plan to sue the lender over CNY600m (US$85m) in losses linked to a crude oil investment product. According to local reports, representatives of up to 1,000 investors in the bank’s Crude Oil Treasure (Yuan You Bao -原油宝) structured product plan to file a class action against BoC seeking ‘recovery of all principal due to invalidity of contract; suspension of transactions from 22:00 4 April, and compensation in accordance with this