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Second CDO class action against NAB ready

Law firm Maurice Blackburn will file a class action today against National Australia Bank in connection with the bank's losses on collateralised debt obligations.The firm will file the suit in the Supreme Court of Victoria rather than the Federal Court, the Financial Review reported.NAB in July 2008 announced a further $830 million provision for collateralised debt obligation exposure in two conduits, two months after first announcing a $181 million provision with its interim results.The loans are now managed through a special unit of the bank that aims to maximise recovery.It is not clear if Maurice Blackburn are funding this action wholly themselves are have a funding partner, possibly International Litigation Funding Partners.

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