UBS sued by ex-hedge fund

Defunct hedge fund Wood River Partners LP is suing its prime broker, UBS, for $200 million.
MAY 23, 2007
By  Bloomberg
Defunct hedge fund Wood River Partners LP is suing its prime broker, UBS, for $200 million. The investors accuse UBS of earning profits by selling borrowed shares of Endwave Corp., the fund’s largest single stock holding, according published reports. The suit, filed in a New York state court, names 20 plaintiffs who invested $79 million in the hedge fund. The Swiss investment bank also helped other UBS clients do the same, according to The Wall Street Journal. The lawsuit also states that UBS was the clearing broker, prime broker and custodian for Wood River’s stock trades between late 2004 and summer of 2005, and was also a dealer in Endwave stock, the Journal said. Plaintiffs said these roles were “dual and conflicting,” according to reports.

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