Wednesday, April 23, 2008

German bank sues UBS for dumped ‘toxic’ loans

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 (477 views)
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