NEW YORK, Dec 13 (Reuters) - U.S. securities laws have their limits and do not justify making UBS AG liable to shareholders for touting its ability to control risk even as it harbored a rogue trader who caused $2.3 billion of losses, a federal judge ruled on Friday.
U.S. District Judge Katherine Forrest in Manhattan threw out a lawsuit seeking to hold the Swiss bank responsible for shareholder losses stemming from revelations about unauthorized and fictitious trades made by former UBS trader Kweku Adoboli.
U.S. District Judge Katherine Forrest in Manhattan threw out a lawsuit seeking to hold the Swiss bank responsible for shareholder losses stemming from revelations about unauthorized and fictitious trades made by former UBS trader Kweku Adoboli.