Manhattan Supreme Court Justice Charles Ramos (See Profile) has dismissed a $30 million lawsuit filed by Korean company Hanwha Life Insurance against UBS AG over a credit derivative transaction that was mostly arranged in Korea and Hong Kong, ruling that New York was not a convenient forum.
The complicated transaction was structured so that Hanwha effectively insured UBS against the default of Korean sovereign debt and a portfolio of corporate bonds. The latter defaulted, and Hanwha lost its entire investment. It sued UBS in April 2013, alleging that the offering documents for the deal understated its risks.
