Sunday, 24 May 2015
Last updated 2 days ago
Mar 28 2013 | 9:17am ET
UBS is in talks about a collateralized debt obligation settlement with the Securities and Exchange Commission, as it continues to fight a lawsuit over the same CDO filed by a hedge fund.
The bank hopes to make a deal to end an SEC probe into ACA ABS 2007-2; the regulator is looking into whether UBS defrauded investors in the $748 million CDO.
ACA ABS 2007-2 is one of three CDOs that hedge fund Pursuit Partners has sued UBS over, accusing the bank of selling the notes knowing that they'd shortly be downgraded. A Connecticut judge three-and-a-half years ago ruled in Pursuit's favor, finding that UBS was "privy to material, nonpublic information" about Moody's Investors Service's planned downgrade, and that the bank's reference to the notes as "triggerless" was "akin to a representation that a gun being handed to the hedge fund wasn't loaded, when in fact UBS knew the gun was not only loaded but was about to go off."
Pursuit said it lost about $35.5 million as a result of UBS' fraud. The lawsuit is still making its way through the courts.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…