Abu Dhabi Commercial Bank v. Morgan Stanley & Co

In Abu Dhabi Commercial Bank v. Morgan Stanley & Co., No. 08-CV-7508, 2013 WL 1155420 (S.D.N.Y. Mar. 20, 2013) the plaintiffs invested in the Cheyne investment vehicle for which the defendant rating agencies issued allegedly false ratings. Plaintiffs rely on Judge Scheindlin's holding that "the cut-off date for establishing fraud on the part of the Rating Agencies is not the date of the launch of the Cheyne SIV in 2005 but rather the time period during which the Rating Agencies maintained responsibility for reviewing and updating the ratings, and during which plaintiffs purchased the Cheyne Notes . . . " Abu Dhabi focused entirely on evidentiary issues, rather than on a statute of limitations dispute, much less the application of the continuing wrong doctrine. Furthermore, Abu Dhabi was filed well within six years from the date of the alleged wrongful act.