Judge dismisses fraud lawsuit against UBS

07/30/2008 | CNBC

A New York Supreme Court judge dismissed a lawsuit against UBS alleging that the bank knew that Wood River Partners -- of which UBS was the prime broker and custodian -- owned a lot of stock in Endwave, a loss-making company. "Plaintiffs merely assert that, by virtue of UBS' position as prime broker, clearing broker and custodian for the fund, UBS assumed a fiduciary duty to the plaintiffs, as limited partners. These allegations, without more, are not sufficient to establish the existence of a fiduciary relationship," the judge said.

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