Judge dismisses claim against UBS over $2.3B trading loss

12/16/2013 | Bloomberg

U.S. District Judge Katherine Forrest has dismissed a complaint against UBS over the bank's methods for preventing fraud. The case relates to a $2.3 billion trading loss caused by an employee who made unauthorized trades. "That a 'rogue trader' was able to cause such a significant loss to UBS is more akin to a claim of mismanagement than of fraud," Forrest concluded.

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