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UBS SEC. LLC v. HIGHLAND CAPITAL MGT., L.P.

650097/2009.

2013 NY Slip Op 23397

UBS SECURITIES LLC and UBS AG, LONDON BRANCH, Plaintiffs, v. HIGHLAND CAPITAL MANAGEMENT, L.P., HIGHLAND SPECIAL OPPORTUNITIES HOLDING COMPANY, HIGHLAND CDO OPPORTUNITY MASTER FUND, L.P., HIGHLAND FINANCIAL PARTNERS, L.P., HIGHLAND CREDIT STRATEGIES MASTER FUND, L.P., HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P., HIGHLAND CREDIT OPPORTUNITIES CDO, L.P., and STRAND ADVISORS, INC., Defendants. UBS SECURITIES LLC and UBS AG, LONDON BRANCH, Plaintiff(s), HIGHLAND CRUSADER HOLDING CORPORATION, Defendant(s). UBSSECURITIES LLC and UBS AG, LONDON BRANCH, Plaintiff(s), v. HIGHLAND CRUSADER HOLDING CORPORATION, Defendant(s).

Supreme Court, New York County.

Decided November 25, 2013.

Attorney(s) appearing for the Case

Counsel for the Plaintiff is Andrew Clubok, Esq. , Kirkland & Ellis., 601 Lexington Avenue, New York, New York 10022.

Counsel for the Defendants is Kieran Corcoran, Esq. , Lackey Hershman LLP, 1325 Avenue of the Americas, New York, NY 10019.

MARCY S. FRIEDMAN, J.

These actions arise out of a failed transaction for securitization of collateralized loan obligations. Plaintiffs UBS Securities LLC and UBS AG, London Branch (collectively UBS) sue defendants Highland Capital Management, L.P. (Highland Capital) and various affiliated entities for nearly $700 million in damages that UBS allegedly sustained as a result of diminution in the market value of investments held by UBS in a collateralized debt facility...

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