Australia might be about to witness the first court case resulting from the losses incurred on structured credit products. Litigation funder, IMF, says it has completed a 14-month investigation into such products, including collateralised debt obligations, and it has about a dozen companies and government entities keen to sue former advisors, rating agencies and originating bankers. Most prominent among the aggrieved parties is the company, Ceramic Fuel Cells, which apparently invested $90 million, being proceeds from a capital raising in 2006, in CDOs, CLNs and RMBS. The securities are now said to be worth only $7 million.Why Ceramic Fuel Cells chose to invest the proceeds of its capital raising in such securities has not been revealed, but no doubt the explanation will be fascinating when it comes out in court. The potential defendants to the legal action are said to be the company's advisor, Oakvale Capital, Standard & Poor's and West LB, as the originating bank.