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WHAT WE’RE WATCHING

BIG BUCKS – Latham & Watkins has secured a $1 billion judgment on behalf of UBS Securities in a long-running contract dispute against bankrupt hedge fund manager Highland Capital Management, dating back to the early days of the financial crisis. As Tom McParland reports, a New York trial court Justice Marcy Friedman ordered two funds affiliated with Highland to pay $520 million in damages and another $520 million in statutory interest for their refusal to cover UBS’ losses under a failed agreement to securitize collateralized loan obligations and credit-default swaps in 2008.

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