Posted On:
February 25, 2008
International Investor Announces Intent To Sue UBS Over Subprime Losses
According to BBC News, Germany’s HSH Nordbank plans to sue UBS to recover “significant” losses attributable to UBS’s mis-selling of subprime investments and failure to manage subprime securities in line with “prudent investment objectives.” HSH Nordbank, one of German’s largest financial institutions, said it plans to file suit in the State of New York.
This announcement further adds to UBS’s subprime woes. Not only has UBS suffered billions in losses from the subprime debacle, but both criminal authorities and the SEC are investigating UBS’s valuation and pricing of subprime investments. UBS is also being investigated over the adequacy of disclosures to investors to whom it sold subprime securities.
Bookmark: 
