HSH alleges fraud by UBS over CDO

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HSH Nordbank has filed a suit against UBS claiming significant losses on a $500 million investment in a subprime mortgage-linked synthetic collateralised debt obligation (CDO) sold to the German bank in 2002.

In its filing with a New York court on February 25, HSH Nordbank alleges UBS saw the CDO as an opportunity to defraud it. In a statement, UBS denies all the allegations and says it will defend itself vigorously. "We discussed and negotiated the transaction over a period of several months

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