UBS settles 'cr.p' lawsuit

UBS avoided a trial with an agreement to settle a lawsuit in which it was accused of peddling 'crap' securities during the 2007 financial crisis.

Bloomberg News reports that a trial was scheduled to start Wednesday on Connecticut hedge fund Pursuit Partners’ claim that UBS sold it asset-backed securities without disclosing they were about to be downgraded.

Attorneys for UBS and the hedge fund announced in open court Tuesday that they had reached an agreement to resolve the lawsuit, said Rhonda Hebert, a spokeswoman for the Connecticut state court system. Jury selection will be postponed while the parties work out the details, Hebert said.

To access the complete Bloomberg News article hit the link below:

UBS to Settle Hedge Fund’s Suit Over Asset-Backed Securities

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