Internal Emails Come Back To Bite UBS In Court

...A Connecticut state court judge ordered UBS to set aside $35.5 million to fund a potential judgment in a case where hedge fund Pursuit Partners LLC alleges UBS sold it investment-grade debt securities in 2007 that UBS knew would soon be downgraded.

In the judge's memorandum explaining his decision to have UBS set aside the funds, he quoted emails from UBS telling its employees to, "reduce cdos...no need to publicly display this, but if you are close on something, [please] close it...[thanks] for your discretion." A UBS banker later wrote that he had "sold more crap" to Pursuit...

Business Insider: Internal Emails Come Back To Bite UBS In Court