{"id":571,"date":"2009-09-16T21:07:08","date_gmt":"2009-09-16T21:07:08","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2009\/09\/securities_fraud_lawsuit_again_1"},"modified":"2021-12-08T10:33:53","modified_gmt":"2021-12-08T16:33:53","slug":"securities-fraud-lawsuit-again-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-lawsuit-again-1\/","title":{"rendered":"Securities Fraud Lawsuit Against UBS AG Gets Added Steam with Employee Email Calling Collateralized Debt Obligations \u201cVomit\u201d"},"content":{"rendered":"

\t\t\t\tUBS AG<\/a> must post a $35.6 million bond, says Superior Court Judge John Blawie. Blawie says that hedge fund Pursuit Partners, LLC has sufficient evidence to pursue its securities fraud <\/a>case claiming that the investment bank knew it was selling collateralized debt obligations<\/a> that were toxic to institutional investors but did nothing to inform clients about the risks.<\/p>\n

Blawie cited an e-mail written by a UBS employee that called the asset-backed securities “vomit.” Another e-mail noted that UBS was selling Pursuit CDOs that were “crap.” <\/p>\n

The judge is letting the securities fraud complaint go forward without ruling on the case’s merits. Between July and October 2007, UBS sold the hedge fund CDOs valued at $40.5 million. Following the global credit crisis, there has been $1.7 trillion in losses and writedowns.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

UBS AG must post a $35.6 million bond, says Superior Court Judge John Blawie. Blawie says that hedge fund Pursuit Partners, LLC has sufficient evidence to pursue its securities fraud case claiming that the investment bank knew it was selling collateralized debt obligations that were toxic to institutional investors but did nothing to inform clients […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3742,3845,3752,3882,3741,3755],"tags":[],"class_list":["post-571","post","type-post","status-publish","format-standard","hentry","category-collateralized-debt-obligation","category-credit-rating-agencies","category-financial-firms","category-moodys","category-securities-fraud","category-ubs"],"yoast_head":"\nSecurities Fraud Lawsuit Against UBS AG Gets Added Steam with Employee Email Calling Collateralized Debt Obligations \u201cVomit\u201d — Investor Lawyers Blog — September 16, 2009<\/title>\n<meta name=\"description\" content=\"UBS AG must post a $35.6 million bond, says Superior Court Judge John Blawie. 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