UBS Off The Hook For $2.3B In Rogue Trader Losses

Law360, Los Angeles (December 13, 2013, 7:50 PM EST) -- A New York federal judge on Friday threw out a putative class action led by shareholders of UBS AG who claim the bank is to blame for the drop in share value after a rogue trader exposed the bank — and its shareholders — to more than $2.3 billion in losses.

U.S. District Judge Katherine B. Forrest ruled that the shareholders’ claims that the managers and executives at the bank should have known about the trader and his high-risk actions didn’t withstand a motion to dismiss,...
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