HSH Nordbank yesterday said it was seeking more than $275m (â¬186m) in damages from UBS after alleging the Swiss group profited by using weaker collateral to back a debt instrument it arranged and managed for its German rival partly to cover losses at its own, now defunct, Dillon Read Capital Management hedge fund. Attached is a graphic depicting how the conflict unfolded.
The seeds of conflict: how the UBS CDO went bad
