Abu Dhabi Commercial Bank’s class action lawsuit for fraud, negligent misrepresentation and unjust enrichment over its investment in a complex fund is a fascinating collection of details and allegations that cut to the heart of the credit boom and messy aftermath.

The filing of the suit last month marked a grim anniversary for ADCB, coming almost exactly a year to the day after Cheyne Finance – one of a string of busted structured investment vehicles (SIVs) – revealed it had breached covenants that set it on the path to receivership.