UBS countersuit turned down by High Court
The High Court in London has rejected a countersuit filed by the Swiss bank UBS against Germany's HSH Nordbank.
The countersuit was filed after HSH Nordbank decided to sue the Swiss bank for US$275 million (SFr281 million) in damages over losses stemming from mortgage securities that had turned sour.
HSH accused UBS of fraudulent actions related to US$500 million in collateralised debt obligations.
UBS reacted with a lawsuit, filed in London, that defended its position.
HSH Nordbank was delighted by the High Court decision, a spokesman said on Friday.
Meanwhile, UBS said it would consider making an appeal.
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