Bank giant UBS accused of mis-selling investments

Swiss banking giant UBS was today accused of mis-selling hundreds of millions of pounds worth of investments linked to the crisis-hit US sub-prime mortgage market.

HSH Nordbank, one of Germany’s biggest financial institutions, said it will sue UBS to recover what it claims are “significant” losses on a $500m (€337m) portfolio of sub-prime securities sold by UBS in 2002.