UBS Can't Revive Bid For $20M Coverage Of Debt Bond Suits

Law360 (July 3, 2019, 6:36 PM EDT) -- The First Circuit on Wednesday upheld a lower court’s ruling that UBS AG units cannot tap into $20 million in insurance coverage to defray costs associated with claims that investors lost billions of dollars because UBS manipulated Puerto Rico's municipal debt bond market.

In a unanimous decision, a panel of the appellate court upheld U.S. District Judge Francisco Besosa’s February 2018 ruling granting summary judgment to primary and excess insurers for UBS Financial Services Inc. of Puerto Rico and UBS Trust Co. of Puerto Rico. The panel agreed with the district judge’s conclusion that a “specific litigation” exclusion in the insurers’...

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