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ABCD sues US firms over failed investment
- United Arab Emirates: Tuesday, August 26 - 2008 at 14:07
Abu Dhabi Commercial Bank is suing Morgan Stanley, Bank of New York Mellon Corp and three US securities ratings services for allegedly rating too highly a structured investment vehicle that collapsed last year, reported Bloomberg. The UAE-based bank is seeking unspecified money damages on behalf of everyone who invested in the vehicle launched by Cheyne Finance Plc from October 2004 to October 2007. The financial instruments ADCB purchased are now worth zero, according to the lawsuit.
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