UBS Wins Dismissal Of Hedge Fund Fraud Suit

Law360 (July 29, 2008, 12:00 AM EDT) -- A New York judge has thrown out a lawsuit by investors of a collapsed hedge fund against UBS Securities Ltd. - the fund's prime broker – after ruling that the bank owed investors no fiduciary duty of care.

State Supreme Court Judge Charles Ramos granted the bank's motion to dismiss the suit in an order last Wednesday, saying the investors – limited partners in Wood River Partners LP – had no standing to bring the action, in any event.

The suit was filed by the investors...
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