UBS Didn't Earn $7.8M Transaction Fee: Stem Cell Co.

Law360, New York (August 26, 2011, 4:28 PM EDT) -- Angioblast Systems Inc. told a New York state judge Friday that UBS Securities LLC is not entitled to $7.8 million in transaction fees because the bank did not live up to its agreement to help the stem cell research firm raise capital.

"No matter how you slice it, they had obligations and they failed to live up to them," Angioblast attorney Mitchell Epner of Wilson Sonsini Goodrich & Rosati PC told New York County Judge Eileen Bransten.

The argument concerned Angioblast's counterclaims to UBS' complaint alleging...
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