Abu Dhabi Commercial Bank struck out for the second time Tuesday in its bid to revive a lawsuit against Credit Suisse Group AG over a troubled $40 million structured finance transaction. New York’s Appellate Division, First Department, affirmed dismissal of ADCB’s fraud claims, handing a win to Credit Suisse and its lawyers at Bingham McCutchen.
ADCB and its counsel at Robbins Geller Rudman & Dowd originally sued Credit Suisse in 2010, claiming that the Swiss bank failed to disclose conflicts of interest and provided misleading information in 2007 when structuring and touting a collateralized debt obligation known as Farmington. The complaint also accused Standard & Poor’s of providing inaccurate investment-grade ratings to the underlying assets.
