High Court rejects UBS counterclaim against HSH Nordbank
Hamburg/Kiel, July 4, 2008 - The High Court of Justice in London today rejected UBS’s counterclaim against HSH Nordbank in relation to the North Street 2002-4 CDOs.
In February HSH Nordbank started a $500m claim in New York against UBS relating to the mis-sale and mis-management by UBS’s of its North Street CDOs. On the same day UBS filed a counterclaim against HSH Nordbank in the High Court of Justice in London.
Commenting on today’s development, Rune Hoffmann of HSH Nordbank said:
“Today’s decision is welcomed by HSH Nordbank. It confirms that UBS’s actions were nothing more than a transparent attempt to confuse and delay the proceedings. In addition, Mr. Justice Walker’s decision to refuse UBS’s request to appeal confirms that UBS’s case is spurious and has no reasonable grounds for success .
HSH Nordbank is fully committed to pursuing this important legal action against UBS, which includes claims of breach of contract, fraud, breach of fiduciary duties and unjust enrichment. HSH Nordbank is confident of the strengths and merits of its case and is looking forward to having this matter heard in New York at the earliest possible date.
HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 204 billion. Some 4,800 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate.
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