Credit Suisse sued by UAE bank

Abu Dhabi Commercial Bank says it is suing Credit Suisse bank for allegedly providing misleading information on an investment product.

This content was published on November 25, 2010 - 13:09 and agencies

The lawsuit filed in New York - the second filed by the Abu Dhabi government-controlled bank - claims the Swiss bank as well as Standard &Poor’s rating agency failed to disclose conflicts of interest.

The case, which dates back to 2007, involves a $153 million (SFr153.2 million) provision for losses from investment in the United States subprime mortgage market.

The bank on Thursday said the lawsuit was aimed at protecting it from further losses.

Neither Credit Suisse nor S&P were available to comment.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

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