UBS has emerged the loser in a long-running London court case, burying a piece of its legacy from the financial crisis of 2008/09.
Leipziger Wasserwerke, a German utility company, won the third round of a massive court case versus UBS, Germany daily «Leipziger Volkszeitung» (in German) reported. The Swiss bank and the utility has been locked in litigation for years over derivative bets and damage claims of 500 million euros.
The Supreme Court of London, Britain's highest court, has decided that the water company does not need to cough up compensation. The court rejected an appeal by Zurich-based UBS of a lower court decision - meaning the Swiss bank's legal options against the utility, which has emerged victorious from the long-running feud, are exhausted.
