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UBS' $686M Suit Needs Another Trim, Highland Tells Judge

Law360, New York (December 11, 2012, 5:18 PM EST) -- A Highland Capital Management LP attorney urged a New York state judge Tuesday to apply an appeals court decision to more Highland affiliates to pare down UBS AG's "humongous" $686 million fraud lawsuit over its restructuring of a debt securities agreement.

UBS has accused Texas-based Highland Capital of misleading it into restructuring a complex debt securities transaction. Highland then used fraudulent conveyances to siphon assets away from its counterparties and affiliates and make it impossible for them to repay UBS, the Swiss bank has said....
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