German Bank Sues UBS Over Losses On $160M In MBS

Law360, New York (July 25, 2012, 8:36 PM EDT) -- DZ Bank AG accused UBS AG Wednesday in New York state court of causing it to take big hits on more than $160 million in mortgage-backed securities purchased from the bank based on misleading offering materials.

The suit, filed in New York state court, alleges that UBS and its affiliates misrepresented and omitted critical information regarding the underwriting standards used to issue the mortgage loans pooled together in the securities offerings, as well as the the trusts that housed them.

The documentation was less than forthright...
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