HSH claims of fraud in UBS CDO case dismissed

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A New York appeals court’s dismissal of a lawsuit filed by Hamburg-based HSH Nordbank – which had alleged fraud over a $500 million investment in a synthetic collateralised debt obligation (CDO) – could become a landmark ruling for future mortgage-backed security (MBS) and subprime mortgage-related litigation, lawyers say.

In a judgment handed down by the apellate division of the New York State Supreme Court on March 27, justices said HSH Nordbank could not characterise itself as a simple commer

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