UAE Bank Knew Risks Of $40M Transaction: Credit Suisse

Law360, New York (July 14, 2011, 8:08 PM EDT) -- Credit Suisse Group AG and Standard & Poor's Financial Services LLC told a New York state judge Thursday that they did not misrepresent an overhaul of troubled debt securities that allegedly marred Abu Dhabi Commercial Bank PJSC's $40 million investment.

In order to refinance a troubled investment vehicle during the liquidity crisis in 2007, Credit Suisse informed ADCB about the transaction's myriad risks from the get-go and merely restructured the same collateral from a previous transaction that the bank had invested in, Credit Suisse attorney Susan...
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