UBS Hit With $275M Suit Over Subprime Deals

Law360 (February 26, 2008, 12:00 AM EST) -- German bank HSH Nordbank AG is seeking to recover more than $275 million from UBS AG for alleged fraud involving investments linked to the mortgage market.

HSH filed a lawsuit Monday in New York Supreme Court against Swiss bank UBS and its securities arm for alleged mismanagement of $500 million in HSH funds through risky investments rather than an agreed-upon conservative approach.

The suit pushes breach of contract, negligent misrepresentation and breach of fiduciary duty claims.

HSH asserts that in 2001, it had little familiarity with...
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