Highland Fund Says UBS Breached Debt Trade Agreement

Law360, Dallas (October 1, 2014, 8:15 PM EDT) -- A defunct fund managed by Highland Capital Management LP on Wednesday argued that UBS AG had materially breached a distressed debt trade agreement by taking too long to close the deal, but UBS said it was Highland that dragged its feet in finalizing the trade.

In oral argument before the Dallas Court of Appeals, Delaware-based hedge fund Highland Credit Opportunities CDO LP said that after UBS agreed in March 2008 to sell Highland a portion of two commercial term loans owed by KIK Corp., the investment...
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