Don't Repeat UBS' Mistake

The world is gearing up for international securitized debt litigation. Make sure you check the jurisdiction clauses, contract by contract

A transatlantic battle over jurisdiction in one of the first structured finance cases brought in the US has already offered a valuable lesson for practitioners and institutions pursuing suits in this rapidly-developing area of the law. Recent decisions in litigation between HSH Nordbank and UBS AG and UBS Securities LLC (collectively UBS) reveal that apparently minor wording differences in jurisdictional clauses underlying complex structured finance can have enormous implications on where and how these cases will be litigated.

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