UBS Wants Insurer's $30M Investment Fraud Action Tossed

Law360, New York (January 8, 2014, 7:46 PM EST) -- UBS AG on Wednesday pressed a New York judge to throw out Hanwha Life Insurance Co. Ltd.’s suit that alleges the bank fraudulently structured two highly complex investment instruments that Hanwha lost $30 million in, claiming the Korean insurer was well aware of the vehicles’ risk.

In oral arguments before Judge Charles E. Ramos, UBS attorney Robert J. Giuffra Jr. of Sullivan & Cromwell LLP maintained that Hanwha is a very sophisticated company that knew what it was getting into. He also stressed that UBS was...
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