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Financials

UBS loses bid to stop Guo's London lawsuit

LONDON, Feb 9 (Reuters) - Swiss bank UBS has failed in its bid to stop a lawsuit brought by Chinese businessman Guo Wengui going ahead in Britain after the High Court in London ruled on Wednesday it had jurisdiction over the case.

A judge concluded that London was the “place where the harmful event occurred” and that UBS London had “sufficiently and significantly participated” in the actions over which Wengui and other claimants were bringing their lawsuit.

“Accordingly UBS London’s Application is dismissed and I declare that this Court has jurisdiction over the Claimants’ claims,” the judge said.

The claim centres on what Wengui and the other claimants say was negligent advice provided by UBS over an investment in shares issued by Chinese financial institution Haitong.

UBS declined comment.

Reporting by Michael Holden and Brenna Hughes Neghaiwi; editing by Jason Neely

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