UBS Urges 2nd Circ. To Nix Hospital Co.'s ARS Win

Law360, New York (April 14, 2011, 6:35 PM EDT) -- UBS AG on Thursday told a Second Circuit panel that a West Virginia hospital company should not be considered a “customer” under industry rules, which could allow it to force arbitration in a dispute over $329 million in auction-rate securities.

Debevoise & Plimpton LLP lawyer Andrew J. Ceresney, who represents UBS, told the U.S. Court of Appeals for the Second Circuit that West Virginia United Health System Inc. should not be considered a customer under Financial Industry Regulatory Authority rules because it was an issuer, not...
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