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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Reuters- Goldman Sachs is about to bail out a $7 billion (3.6 billion pound) structured investment vehicle formerly run by Cheyne Capital, a source familiar with the matter said, boosting hopes that markets for troubled mortgage assets are easing.

"I can say the FT report is correct," the source told Reuters, referring to the Tuesday edition of the Financial Times.

Both Goldman Sachs and Deloitte & Touche — who are acting as receivers of the structured investment vehicle — declined to comment.

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