Swiss banking giant UBS is under fire this week, after it emerged that Germany's HSH Nordbank is set to sue, following the alleged mis-selling of millions of dollars of investments linked to US sub-prime mortgages by UBS.
HSH Nordbank announced this week that it has taken the first steps in the road to recovering losses on a USD500m portfolio it bought in 2002.
The planned move by the German bank will come as something of a blow to UBS, which is already facing financial woes as a result of the subprime crisis.
Commenting on the decision to press on with legal action, HSH Nordbank briefly announced, according to a report in The Independent, that:
"UBS appears to have condoned actions which benefited only itself, at the expense of its clients".
If HSH succeeds in its claims, it could pave the way for further legal action from other banks and investors in this area.
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