Did UBS dump toxic assets? German lender HSH sues for $275 million, saying it was duped

Article Abstract:

Germany's HSH Nordbank AG has filed a suit in New York state court seeking a restitution sum of $275 mil plus punitive damages from Swiss bank UBS AG. HSH alleges UBS duped the lender into buying $500 mil in investments from a now-closed hedge fund that it used as a depository for subprime mortgage securities. UBS has filed a countersuit in the UK, but details have not been made public.

New York, Economic aspects, Germany, Switzerland, International aspects, UBS AG, HSH Nordbank AG, Subprime loans

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Amid probe, ABN Amro cuts off nearly 100 banks: regulators' fraud concerns drive moves by U.S. arm; a focus on Russian accounts

Article Abstract:

In the light of Federal Reserve allegations tha t ABN Amro Holding NV was involved in money laundering, the New York branch of the Dutch bank has cut ties to nearly 100 banks in Russia, Eastern Europe and the Caribbean.

Netherlands, Investigations, ABN AMRO Holding N.V., Money laundering, ABN

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Credit Lyonnais talks intensify

Article Abstract:

Credit Lyonnais lawyers and US prosecutors have stepped up talks on the settlement of fraud charges against the company. Lyonnais was accused of fraud in a junk-bond deal in California during the early 1990's.

France, Junk bonds, Credit Lyonnais

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