First major inter-bank dispute to hit the UK as a result of the credit crunch. HSH Nordbank is trying to recover losses on a $500m (£252m) portfolio of collateralised debt obligations (CDOs) linked to the US mortgage market, which were structured and sold by UBS. A claim was filed in February worth $275m (£138m). The London claim by UBS was issued on the same day. In the London leg of the proceedings, Simmons & Simmons head of finance litigation Jonathan Kelly is advising Swiss bank UBS. Quinn Emanuel Urquhart Oliver & Hedges litigation partner Sue Prevezer QC is advising German bank HSH Nordbank. Jonathan Sumption QC was instructed by the US litigation boutique to handle the recent Court of Appeal case deciding jurisdiction.