UBS, HSH Compete For Quick End To $500M CDO Suit

Law360, New York (November 23, 2011, 7:38 PM EST) -- UBS AG and German bank HSH Nordbank AG — which claims it lost nearly $500 million because of a UBS scheme centering on a mortgage-backed collateralized debt obligation — fired off competing motions to dismiss the New York state suit Wednesday.

HSH accuses UBS of stuffing the CDO with low-quality debt so it could collect on swap agreements. While HSH claims UBS has essentially owned up to violating its obligations intentionally in managing the CDO in its opposition brief, UBS argues that HSH has yet to...
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