UBS’s Singapore unit has sued two former private banking clients, saying they failed to pay for investment losses of S$9.3 million (around $7.2 million), Bloomberg has reported. The couple later countersued against the Swiss bank, accusing it of negligence in investment advice.

UBS claims Ng Kok Keong and his wife Yow Sin May placed bets on foreign currencies and failed to pay for a shortfall in their account, according to court papers filed with the Singapore High Court, the report said. The trial is scheduled to start on 22 November.

Ng had limited experience in the financial market and relied on UBS and banker Lily See for advice, according to the couple’s counterclaim. See belatedly informed Ng and his wife that money in their account had dipped below minimum requirements and failed to close certain trades, causing further losses, the couple claimed in court papers.

A Singapore-based spokesperson at UBS declined to comment to the news service. This publication did not receive a response from UBS at the time of going to press.