BNP Paribas Wealth Management is facing a lawsuit filed by two of its former private banking clients in Singapore who claim to have been duped into investing in products that led to $11 million in losses, Bloomberg reports.

Indonesian businessman Henry Djuhari and his wife Nathaline Lie Djuhari said in a filing with the Singapore High Court that the bank and its Singapore-based managing director Wee Wan Tin fraudulently sold two-year equity investment products in three major technology firms in 2007.

The couple were allegedly encouraged to take on the risky products, but were not informed that the investments were illiquid. The Djuharis purchased $79 million worth of equity-linked investments from BNP between August 2006 to July 2007.

In a separate filing with the court, the Paris-based bank reportedly countered that the Djuharis had voluntarily consented to the investments and that Mr Djuhari, being a seasoned businessman, was a sophisticated investor with enough knowledge of the nature of the risks involved.

The lawsuit is just one among many which have been filed against private banks following the collapse of Lehman Brothers Holdings. Just last November, Societe Generale won a lawsuit filed by former client Mike Panjwani in Singapore after the bank closed out his investment positions for failing to make payments on his trading accounts. Panjwani was also asked to pay SG about $180,000 plus interest.

The BNP case is currently being heard in the Singapore High Court.