sUeBS

4 Aug 2008 By Jeffrey Goldfarb Follow @jgfarb

The Swiss bank persuaded a UK court to stop a startup firm from poaching staff or clients and a US judge to eject a hedge fund s claims against it. But UBS faces more serious lawsuits elsewhere and is likely to lose more than it wins. At least now it has a lawyer in charge.

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A UK court has ordered Vestra Wealth LLP to stop soliciting employees and clients of UBS. The temporary order was issued on August 4 by High Court Justice Charles Openshaw until a full trial takes place in October. The court also denied Vestra the right to appeal.

This interim view will be fully challenged at trial when the evidence is considered in full for the first time, Vestra said.

A New York Supreme Court judge last month dismissed a lawsuit brought by collapsed hedge fund Wood River Partners, which had accused UBS's prime brokerage of fraudulently earning at least $100m by using information it had about the fund's investments. Wood River's founder pleaded guilty to defrauding investors and last year was sentenced to three years in prison.

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This interim view will be fully challenged at trial when the evidence is considered in full for the first time, Vestra said.

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