UBS Sued in New York Over $331 Million in Losses on CDOs
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UBS AG, Switzerland’s biggest bank, was sued for fraud in New York, accused of misleading investors in a group of collateralized debt obligations.
UBS made misrepresentations about the CDOs’ risk, leading to losses of at least $331 million, a group of special purpose entities that made the investments said in a complaint filed yesterday in New York State Supreme Court.