After UBS Securities sued Highland Capital Management to recoup certain investment losses, the New York County Supreme Court denied Highland's dismissal request and an appeal followed.
Since Highland never represented that the investment would be profitable, the Appellate Division, First Department, could find no basis for liability.
And, in the absence of a contractual breach, the appellate court thought reversal and dismissal of the case was warranted.
U. B. Sorry, too.
To view a copy of the Appellate Division's decision, please use this link: UBS Sec. LLC v. Highland Capital Mgt., L.P.