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Abu Dhabi Commercial Bank files suit over losses of London-based SIV

Financial Times – Abu Dhabi Commercial Bank has filed a lawsuit against two US banks and two rating agencies over losses from a collapsed $6bn structured investment vehicle, formerly managed by London-based hedge fund Cheyne Capital.

In the suit in a US court, the bank, which is majority owned by the largest of the United Arab Emirates, is seeking unspecified damages from Morgan Stanley, Bank of New York Mellon, Moody’s Investors Services and Standard & Poor’s.

The suit alleges investors were misled over the quality of assets held by the SIV, a vehicle that was part of an industry that was worth $400bn before it was decimated by the credit crunch. The crunch cut the value of asset-backed and other financial debt these vehicles invested in, while also causing their funding to evaporate.

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