Wednesday, Apr 23, 2008
German bank sues UBS for dumped 'toxic' loans
Telegraph: UBS 'dumped its loans on us' - client
UBS bankers dumped half a billion dollars of "toxic" sub-prime mortgage securities on a client to boost revenues and secure their "extraordinary bonus payments" with no regard for the consequences, a letter of claim seen by The Daily Telegraph alleges.
German regional bank HSH Nordbank is suing the troubled Swiss giant, claiming that it lost at least $275m (£138m) in a scheme devised by UBS bankers "to enhance [their own] results".
Posted by munimula @ 07:13 AM (184 views) Add Comment
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