Abu Dhabi Commercial Bank said Thursday it is suing Credit Suisse and credit rating agency Standard & Poor’s, alleging it was misled over a 2007 investment that went sour.
The case is the second filed by the Abu Dhabi government-controlled bank in New York involving complex financial instruments known as structured investment vehicles that fell prey to the credit squeeze brought on by the subprime mortgage crisis in the US.
ADCB alleges that Credit Suisse failed to disclose conflicts of interest and provided misleading information when packaging and selling the investment vehicle, which went by the name Farmington.
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