Law360, Los Angeles (October 6, 2015, 6:41 PM EDT) -- Ace Decade Holdings Ltd. sued UBS in New York on Monday, blaming the Swiss bank for its $500 million loss in an investment deal UBS allegedly structured in its own favor after concealing its close ties with an intermediary.Ace accused UBS AG of steering it to invest in shares of a Chinese company through an investment company UBS had connections to, but the bank never revealed its relationship. Had it known the behind-the-scenes ties between the bank and the company, Ace says it never would have agreed to the investment deal.“In the absence of UBS's false representations, Ace Decade... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Ace Decade Holdings is being sued in the US by UBS for steering the company to invest in shares in a Chinese company, with whom Ace Decade Holdings failed to let Ace know they had close ties; the company is now blaming the bank for its $500m loss in the investment deal, as it says it would never have gone ahead with the transaction if they had known of the relationship.