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HSH NORDBANK AG v. UBS AG

600562/08, 4677.

95 A.D.3d 185 (2012)

941 N.Y.S.2d 59

2012 NY Slip Op 2276

HSH NORDBANK AG, Respondent-Appellant, v. UBS AG, et al., Appellants-Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 27, 2012.

Attorney(s) appearing for the Case

Paul, Hastings, Janofsky & Walker LLP, New York City ( Barry G. Sher , James R. Bliss , James B. Worthington and Kevin P. Broughel of counsel), for appellants-respondents.

Quinn Emanuel Urquhart & Sullivan, LLP, New York City ( Philippe Z. Selendy , Peter E. Calamari , Sandford I. Weisburst and Isaac Nesser of counsel), for respondent-appellant.

GONZALEZ, P.J., MOSKOWITZ, FREEDMAN and ROMÁN, JJ., concur.

OPINION OF THE COURT

FRIEDMAN, J.

The primary question on this appeal is whether plaintiff HSH Nordbank AG (HSH), a German commercial bank, has stated a cause of action for fraud against defendants UBS AG and UBS Securities LLC (collectively, UBS), an investment bank. The dispute arises from what was essentially a credit default swap transaction, in which, to simplify, HSH, in exchange for a stream of premium payments, assumed the risk of the first half...

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