Structured finance litigation - suits by investors?

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Presentation transcript:

Structured finance litigation - suits by investors? Nik Yeo Barrister COMBAR Vienna May 2018 Structured finance litigation - suits by investors?

Structured finance litigation Securitisation structure Security Trustee Cash M’ment Agent Note Trustee Assets Notes Eg consumer debt mortgage debt F1 TV rights revenues of business Sale SPV Issuer Tranche A (eg “AAA” “Aaa”) Tranche B (eg “BBB-” “Baa3”) Tranche C (eg “BB +” “Ba1” or unrated) Investors Originator Junior Lender Advisers (eg valuers) Rating Agencies Nik Yeo 2018 COMBAR VIenna

Structured finance litigation Who can sue? Investors? Titan v Colliers [2014] EWHC 3106 (Comm) Titan v Colliers [2015] EWCA Civ 1083 Paratus (GMAC) v Countrywide [2011] EWHC 3307 Swynson v Lowick Rose [2018] AC 313 Interallianze Finanz AG v Independent Insurance Company Limited [1997] EG 91 (CS); [1997] NPC 89 Banque Bruxelles Lambert SA v Eagle Star Insurance [1995] 1 Lloyd’s Reinsurance Law Reports 17 (Phillips J) Dexia v Morgan Stanley 135 AD3d 497 (2016), Appellate Div, NY Bank Mellat v HM Treasury [2017] QB 67 (CA) Elektrim v Vivendi [2008] EWCA Civ 1178 Nik Yeo 2018 COMBAR VIenna