HSH Nordbank AG v. UBS AG
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Friedman, J.
The primary question on this appeal is whether plaintiff HSH Nordbank AG (HSH), a German commercial bank, has stated a cause of action for fraud against defendants UBS AG and UBS Securities LLC (collectively, UBS), an investment bank. The dispute arises from what was essentially a credit default swap transaction, in which, to simplify, HSH, in exchange for a stream of premium payments, assumed the risk of the first half billion dollars of losses on a $3 billion portfolio of securities related to the United States real estate market (the reference pool). In sum…
2Cases cited34 opinions
- Rocanova v. Equitable Life Assurance Society of United StatesNew York Court of Appeals · 1994
- Danann Realty Corp. v. HarrisNew York Court of Appeals · 1959
- Centro Empresarial Cempresa S.A. v. América Móvil, S.A.B. de C.V.New York Court of Appeals · 2011
- Citibank, N. A. v. PlapingerNew York Court of Appeals · 1985
- Deerfield Communications Corp. v. Chesebrough-Ponds, Inc.New York Court of Appeals · 1986
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- De Sole v. Knoedler Gallery, LLCDistrict Court, S.D. New York · 2013
- Bank of America, N.A. v. JB Hanna, LLCCourt of Appeals for the Eighth Circuit · 2014
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