The 77-year-old Chinese national Chan Wai-yee was reported to have said in a Hong Kong High Court writ that UBS had advised her to purchase accumulators, or structured products that compel an investor to buy a stock at a fixed price within a specific time frame, between September 2007 and February 2008 and without informing her of the potential risks.

Ms Chan added that the bank convinced her to make 25 share transactions that involved the movement of all her assets and shares shortly after her banking advisor moved to the bank in 2007. Ms Chan's relationship manager previously worked with Hang Seng Bank, the news service said.

The Zurich-based bank has reportedly agreed to pay Ms Chan HK$10 million as settlement, but the irate former UBS client is seeking to recover all that she had lost.

When approached for a comment, the bank told WealthBriefingAsia, “In light of the ongoing legal proceedings, it would be inappropriate for UBS to comment on the details of the case.”

The case is ongoing at the Hong Kong High Court.