NY Court Won't Squelch $686M UBS Suit Over Highland CDO

Law360, New York (March 13, 2012, 3:55 PM EDT) -- A New York state appeals court on Tuesday largely upheld a ruling denying Highland Capital Management LP’s bid to dismiss its affiliates from UBS AG's $686 million lawsuit over a collateralized debt obligation deal.

The New York Supreme Court’s Appellate Division affirmed a March 3 decision allowing UBS to bring fraudulent conveyance and declaratory judgment claims against Highland Financial Partners LP, Highland Credit Opportunities CDO LP and Strand Advisors Inc. The companies are affiliates of Texas-based Highland.

UBS launched the suit in 2009, claiming Highland had...
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