February 26, 2008 / 9:37 AM / 11 years ago

HSH says filed CDO suit against UBS

LONDON (Reuters) - Germany’s HSH Nordbank HSH.UL on Tuesday confirmed it had filed a claim against Switzerland’s UBS UBSN.VX on Monday over losses it says it suffered on a $500 million portfolio of collateralized debt obligations.

It said the CDOs were linked to the U.S. mortgage market and were sold by UBS in 2002 to Landesbank Schleswig-Holstein, which later merged with Hamburgische Landesbank to form HSH.

The claim was filed in the Supreme Court of the state of New York, HSH said in a statement.

HSH said on Sunday it would start proceedings against UBS and said the Swiss bank had taken actions that had benefited itself at the expense of its clients. UBS has declined to comment.

Reporting by Richard Barley; Editing by Quentin Bryar

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below