Bingham successfully fended off the latest attempt by Abu Dhabi Commercial Bank (ADCB) to revive a fraud action against Credit Suisse Securities (USA) LLC. In 2010, ADCB commenced an action in New York State Court alleging that Credit Suisse misled it in connection with ADCB’s participation in a restructuring transaction and a related credit default swap, which together allegedly exposed ADCB to more than $350 million in potential losses.

Bingham won dismissal of all claims asserted by ADCB in 2011. ADCB subsequently moved to renew its opposition to Credit Suisse’s motion to dismiss on the basis of purportedly “new” evidence, but that bid was rejected by the trial court in 2012. ADCB then appealed to New York’s Appellate Division, First Department. In its decision issued Feb. 4, the five-judge panel unanimously affirmed the lower court’s decision in favor of Credit Suisse. The court found, among other things, that ADCB did not have a reasonable justification for failing to present certain of its “new” evidence earlier and that any “new facts” did not change the prior determination.

Partner Susan DiCicco argued the appeal. The Bingham team also included partners Jeff Smith (New York) and Jennifer Hurley McGay; of counsel Matthew Minerva; associates Bryan Goff and Michael Ableson; and Harold Aryee, senior paralegal. News of this victory was reported by Law360 and The Litigation Daily.