Legal Opinion

UBS Securities LLC v. Highland Capital Management, L.P.

New York Supreme Court

Decided November 25, 2013Published

1Opinion of the Court

OPINION OF THE COURT

Marcy S. Friedman, J.

These actions arise out of a failed transaction for securitization of collateralized loan obligations. Plaintiffs UBS Securities LLC and UBS AG, London branch (collectively UBS) sue defendants Highland Capital Management, L.P (Highland Capital) and various affiliated entities for nearly $700 million in damages that UBS allegedly sustained as a result of diminution in the market value of investments held by UBS in a collateralized debt facility (the warehouse facility). UBS’ claims fall into two *582broad categories: breach of contract and fraudulent…

2Cases cited14 opinions

Grupo Mexicano De Desarrollo, S. A. v. Alliance Bond Fund, Inc.Supreme Court of the United States · 1999
Morris v. New York State Department of Taxation & FinanceNew York Court of Appeals · 1993
Credit Agricole Indosuez v. Rossiyskiy Kredit BankNew York Court of Appeals · 2000
JSC Foreign Economic Ass'n Technostroyex-Port v. International Development & Trade Services, Inc.District Court, S.D. New York · 2003
UBS Securities LLC v. Highland Capital Management, L.P.Appellate Division of the Supreme Court of the State of New York · 2011

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