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Australian Litigation Funder Launches CDO Suit Against ABN, S&P in Europe

Hedge World – Litigation funder IMF Australia said it will back lawsuits in Europe related to billions of dollars worth of toxic derivatives created by ABN AMRO Bank N.V. and rated Triple-A by Standard & Poor’s after winning a similar case in Australia.

IMF Australia said in a statement it had set up a foundation based in The Hague to pursue claims from investors who bought CPDOs, or constant proportion debt obligations — credit derivatives created by the Dutch bank and stamped with S&P’s highest rating. ABN AMRO Bank N.V. is now owned by Royal Bank of Scotland.

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