{"id":8478,"date":"2008-08-27T00:00:00","date_gmt":"2008-08-27T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"abu-dhabi-commercial-bank-files-suit-over-losses-of-london-based-siv","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2008\/abu-dhabi-commercial-bank-files-suit-over-losses-of-london-based-siv.html","title":{"rendered":"Abu Dhabi Commercial Bank files suit over losses of London-based SIV"},"content":{"rendered":"<p>Financial Times &#8211; 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.<\/p>\n<p>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&#8217;s Investors Services and Standard &amp; Poor&#8217;s.<\/p>\n<p>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.<\/p>\n<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/7a1de998-73cf-11dd-8a66-0000779fd18c.html?nclick_check=1\" target=\"_self\">Read Complete Article<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Times &#8211; 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[87,646,523,521,314,2368,406,129,83,148,81,891,2369,236],"class_list":["post-8478","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-angela-merkel","tag-arthur-sulzberger","tag-asset-managers","tag-de-janeiro-brazil","tag-finance","tag-international-finance-centre","tag-investment-funds","tag-losses","tag-medallion","tag-new-york-state","tag-newcastle","tag-orange-county-ca","tag-receivership","tag-trillion"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=8478"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/8478\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=8478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=8478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=8478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}