Saturday, Feb 23, 2008
Bank Has Hissy Fit After Being Sold CDOs
The Times: Germans accuse UBS of sub-prime ‘mis-selling’
"ONE of Germany’s biggest financial institutions is to sue UBS, the Swiss banking giant, claiming it was mis-sold hundreds of millions of pounds worth of sub-prime securities.
The action is expected to trigger a wave of similar lawsuits across world financial centres as institutions seek recompense for losses incurred from buying complex financial instruments that are now worth a fraction of their original price." I think I can safely say that we will see more of this in future.
Posted by quiet guy @ 11:57 PM (237 views) Add Comment
1 Comment
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1. Orwell said...
Ooooooooo its all coming out of the woodwork now when we get involved (lawyers). No honour amongst thieves eh?