
UBS SUED BY HSH NORDBANK ON SUBPRIME MORTGAGE SECURITIES
LOSSES & LAWSUITS
News of the lawsuit has stoked media speculation that there could be a knock-on effect, with more lawsuits filed by angry investors and institutions against the large investment banks that securitised debts from the US subprime mortgage market but have since suffered enormous writedowns on those flawed investments. HSH says it invested $500 million in excess regulatory capital in the fund in question expecting secure returns. It accuses UBS of breaking contractual terms by making high-risk investments and taking out some investments solely for UBS' own benefit.
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