|
|
25 Feb 2008
HSH Nordbank, one of Germany’s biggest banks, is suing UBS, over $US500m (£254m) of collateralised debt obligations (CDOs) in what lawyers say will probably be the first of many such cases in Europe.
The Times reports HSH is suing for losses of more than $US200m, accusing UBS of putting risky American mortgages instead of low-risk assets into a CDO which it sold to the German bank in 2002.
HSH plans to file a claim against UBS in a court in New York this month. According to lawyers, similar cases had been brought in the US but none as yet by a European investor.
One lawyer who specialises in CDOs said that smaller banks 'might be the next to have a go at this kind of suit'.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment