Kasowitz Wins Significant Victory Against UBS for Loreley Financing
Kasowitz won a significant victory today for Loreley Financing, a collateralized debt obligation (CDO) investor, when New York’s Appellate Division, First Judicial Department reversed an earlier decision by New York Supreme Court Judge Shirley Werner Kornreich dismissing a $331 million fraud suit the investor brought against UBS in 2012. The fraud suit is one of several which the investor brought against arranging banks and collateral managers upon losing billions of dollars in the collapse of the residential mortgage market in 2007. The team representing Loreley is led by Kasowitz partners Marc E. Kasowitz and Sheron Korpus.