May 5, 2020 / 2:56 PM / a month ago

BoC may compensate up to 20% of investments in oil products -sources

BEIJING/SHANGHAI, May 5 (Reuters) - Bank of China (BoC) is considering compensating up to 20% of all investors’ original investments in crude oil-linked products, and shouldering all losses recorded in negative territory, two sources told Reuters on Tuesday.

BoC said in late April it had settled trades for its crude oil futures trading product at a historic negative value of minus $37.63 per barrel, leaving mainly retail investors saying the bank should have done more to protect their interests.

The bank said in a statement it would try to reach settlements with its investors on the losses, and would resolve the remaining disputes through litigation. The statement did not give any details on the compensation plan. (Reporting by Cheng Leng and Kevin Huang in Beijing, Emily Chow in Shanghai; editing by David Evans)

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