London's High Court of Justice has rejected UBS's counterclaim against HSH Nordbank in relation to losses suffered on the North Street 2002-4 Collateralized Debt Obligations (CDOs). HSH Nordbank launched a $500mln claim against UBS in February this year, making the Swiss bank the first financial institution to be sued by an investor for an alleged 'mis-sale and mis-management' of financial products. On the same day, UBS filed a counterclaim against HSH Nordbank with the High Court of Justice in London.
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