UBS wins dismissal of shareholder lawsuit

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September 29, 2012 4:56 AM EST

UBS AG won the dismissal Friday of a shareholder lawsuit accusing the Swiss-based bank of misrepresenting its exposure to mortgage-backed securities and its compliance with U.S. tax laws.

U.S. District Judge Richard Sullivan in Manhattan issued the ruling. The case is dismissed with prejudice, meaning the plaintiffs cannot replead their case at the district court level.

The case is In re UBS AG Securities Litigation, U.S. District Court for the Souther District of New York, 07-cv-11225

(Reporting By Nate Raymond in New York; Editing by Gerald E. McCormick)

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Copyright 2012 Thomson Reuters. All rights reserved.

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