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...
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