CDO suit filed against UBS (Reuters) (26-02-2008)

LONDON, Feb 26 (Reuters) - German Bank HSH Nordbank confirms having filed a claim against UBS with the Supreme Court of the State of New York, regarding losses on a $500 million CDO portfolio, sold by UBS in 2002 to one of the two banks that merged to form HSH.

The bank has started proceedings against UBS saying that the Swiss bank’s actions benefited itself at the expense of its customers. No comment was offered by UBS.

 Source Reuters