UBS Wins Dismissal Of Property Owner's Suit Over $69M Loan

Law360, New York (April 12, 2012, 4:24 PM EDT) -- A New York state appeals court on Thursday upheld the dismissal of Los Angeles property owner Wilshire Westwood Plaza LLC's case against UBS Real Estate Securities Inc. over a $68.75 million loan UBS sold without Wilshire's consent.

The owner of Los Angeles' 17-story Murdock Plaza office tower sued the UBS AG affiliate, claiming it sold the loan to the Swiss government's bailout fund for a 10 percent discount despite a contract provision that allegedly required UBS to give Wilshire the first opportunity to buy the loan for...
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