UBS Fights Off Investors’ Swiss Franc Rate Manipulation Suit

Plaintiffs stepping in for several defunct funds lack standing to sue UBS AG for allegedly colluding with other banks to skew benchmark interest rates for the Swiss franc, a federal court ruled.

The asset purchase contracts—in “a set of nesting definitions"—didn’t assign the dissolved funds’ rights to a holding company trying to maintain the suit, Judge Sidney H. Stein said Monday for the US District Court for the Southern District of New York. And a series of two individual plaintiffs can’t step in for the funds as the interested party, Stein said.

• The case is among several stemming from alleged ...