UBS Hit With $275M Suit Over Subprime Deals

Law360, New York (February 26, 2008, 12:00 AM EST) -- German bank HSH Nordbank AG is seeking to recover more than $275 million from UBS AG for alleged fraud involving investments linked to the mortgage market.

HSH filed a lawsuit Monday in New York Supreme Court against Swiss bank UBS and its securities arm for alleged mismanagement of $500 million in HSH funds through risky investments rather than an agreed-upon conservative approach.

The suit pushes breach of contract, negligent misrepresentation and breach of fiduciary duty claims.

HSH asserts that in 2001, it had little familiarity with...
To view the full article, register now.