ubs 01UBS urges judge not to hold it liable for mortgage bond losses


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UBS AG urged a U.S. judge on Friday to reject claims that it should be held liable for $2 billion in losses that investors incurred on mortgage-backed securities issued before the collapse of the U.S. housing market.

Lawyers for UBS made their closing arguments in the non-jury trial in Manhattan federal court in a lawsuit being pursued by U.S. Bancorp on behalf of three trusts established for mortgage-backed securities.

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