Abu Dhabi Commercial Bank PJSC Settles Legal Action Against Morgan Stanley, S&P and Moodys Corp

Saturday, 27 Apr 2013 08:00pm EDT 

Abu Dhabi Commercial Bank PJSC (ADCB) announced that it has settled its legal action against Morgan Stanley, S&P, Moodys Corp and others in respect of its purchase of Cheyne SIV notes. ADCB commenced proceedings in 2008 in the New York district courts to recover its original investment of USD 10 million in Cheyne notes. The action was resolved on Wednesday April 24, 2013 by an out-of-court settlement, the terms of which are confidential. ADCB is satisfied with the outcome of the settlement. The original investment had already been fully provisioned and receipt of the settlement proceeds will have a positive but relatively limited impact on ADCB’s balance sheet. 

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27 Mar 2015