HSH Nordbank steps up CDO court claim against UBS

HSH Nordbank has begun legal proceedings against UBS in the US. HSH said in a statement that the action aims to recover significant losses incurred on a $500 million portfolio of collateralised debt obligations linked to the US mortgage market, which were structured and sold by UBS.

The investments were sold by UBS in 2002 to Landesbank Schleswig-Holstein, which subsequently merged with Hamburgische Landesbank to become HSH Nordbank.

HSH Nordbank's claims relate to a CDO known as North Street 2002

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