UBS Loses Swaps Saga Against German Utility

Law360, New York (November 4, 2014, 4:37 PM EST) -- UBS AG is not entitled to a $138 million payment from a swap with a German water authority, a U.K. judge ruled Tuesday, saying the saga over an effort to hedge $365 million in bonds — which separately included a utility executive's bribery conviction — should teach UBS “how not to conduct investment banking.”

UBS had sought to recover money that it said Kommunale Wasserwerke Leipzig GmbH owed it from one of the swaps, which were overinvested in financial-sector investments that lost money, according to Justice Stephen Males. Judge Males ruled unenforceable a CDO over which UBS had sought $137.6 million...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS