Did UBS dump toxic assets? German lender HSH sues for $275 million, saying it was duped

Authors :: Mollenkamp, Carrick
Source :: Wall Street Journal. Europe. Feb 27, 2008, C2
Publication Year :: 2008
Abstract: Germany's HSH Nordbank AG has filed a suit in New York state court seeking a restitution sum of $275 mil plus punitive damages from Swiss bank UBS AG. HSH alleges UBS duped the lender into buying $500 mil in investments from a now-closed hedge fund that it used as a depository for subprime mortgage securities. UBS has filed a countersuit in the UK, but details have not been made public.

Subjects :: UBS AG -- Cases
HSH Nordbank AG -- Cases
Banking industry -- Cases
Subprime loans -- International aspects
Subprime loans -- Economic aspects
Fraud -- Cases
Banking industry
Company legal issue
Banking, finance and accounting industries
Business
Business, international

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