Highland Dropped From UBS Suit Over $745M CDO Loss

Law360, New York (February 19, 2010, 6:46 PM EST) -- A New York appeals court has dismissed Highland Capital Management LP from a suit brought by UBS AG over the failure of a collateralized debt obligation agreement that UBS claims cost it $745 million.

In a ruling handed down Thursday the New York County Supreme Court's Appellate Division, First Department unanimously reversed Judge Bernard J. Fried's Oct. 8 refusal to dismiss the indemnification claim against Highland, letting the hedge fund off the hook in a suit UBS brought against it and two affiliated offshore funds in...
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