It has been learned that the Abu Dhabi Commercial Bank has made up its plans of suing Credit Suisse bank. It is to be mentioned here that the UAE based bank is willing to sue the counterpart on the grounds of allegedly providing misleading information on an investment product.

While the lawsuit has been filed in New York, it may be noted here that the second filed by the Abu Dhabi government-controlled bank is of a view that Swiss bank as well as Standard & Poor’s rating agency were not able to disclose conflicts of interest.

For the record, the case dates back to 2007 and it involves a $153 million provision of losses from investment in the United States subprime mortgage market. The bank has recently said that the lawsuit is being filed with a view to prevent it from further losses in this event.

On the other end, neither Credit Suisse nor S&P were available to comment. But the CEO of the UAE based bank is of a view that it will not have a significant impact on the earnings of the company in the times to come.