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

650097/2009

42 Misc.3d 580 (2013)

977 N.Y.S.2d 610

2013 NY Slip Op 23397

UBS SECURITIES LLC et al., Plaintiffs, v. HIGHLAND CAPITAL MANAGEMENT, L.P. et al., Defendants. UBS SECURITIES LLC et al., Plaintiffs, v. HIGHLAND CRUSADER HOLDING CORPORATION, Defendant.

Supreme Court, New York County.

Decided November 25, 2013.

Attorney(s) appearing for the Case

Lackey Hershman LLP, New York City ( Kieran Corcoran of counsel), for defendants.

Kirkland & Ellis, New York City ( Andrew Clubok of counsel), for plaintiffs.

OPINION OF THE COURT

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...

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