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

2. 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

3. 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