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Mon May 21, 2012
Germany’s state-owned banked HSH Nordbank AG has decided to sue UBS AG due to the many losses the company experienced after investing in a portfolio that was linked to U.S. subprime loans, Bloomberg News said in a report Sunday.
In the article, Bloomberg asserted that HSH purchased a portfolio of collateralized debt obligations backed by U.S. mortgages. The bank accuses UBS of violating terms of their contract and steering the portfolio its own way. The Bloomberg article says HSH became aware of the hit it would take later on when UBS absorbed $10.8 billion in subprime residential writedowns.
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