(1) HAYFIN OPAL LUXCO 3 SARL (2) HAYFIN TOPAZ 3 SCA v (1) WINDERMERE VII CMBS PLC (2) US BANK TRUSTEES LTD (3) ELAVON FINANCIAL SERVICES LTD (2016)

The court interpreted contractual documents in a commercial mortgage-backed securitisation structure and rejected a claim by class X note holders that they had suffered historical underpayment of class X interest. The court was required to determine the rights attached to loan notes held by the claimant and issued by the first defendant under a commercial … Continue reading (1) HAYFIN OPAL LUXCO 3 SARL (2) HAYFIN TOPAZ 3 SCA v (1) WINDERMERE VII CMBS PLC (2) US BANK TRUSTEES LTD (3) ELAVON FINANCIAL SERVICES LTD (2016)

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JANUS CAPITAL MANAGEMENT LLC v SAFEGUARD WORLD INTERNATIONAL LTD (2016)

The claimant investment management company (J) claimed that the defendant payroll company (S) was in breach of contract. In the alternative, J made claims for breach of fiduciary duty and breach of duty of care. J was based in the US but had employees in several different countries. S provided international payroll processing services to … Continue reading JANUS CAPITAL MANAGEMENT LLC v SAFEGUARD WORLD INTERNATIONAL LTD (2016)

ENNISMORE FUND MANAGEMENT LTD v FENRIS CONSULTING LTD (2016)

A hedge fund appealed against a decision of the Court of Appeal of the Cayman Islands that it was not entitled to "claw back" bonus fees it had paid to the respondent fund manager (F). The hedge fund had employed F under a consultancy services agreement which required it to provide investment advice and to … Continue reading ENNISMORE FUND MANAGEMENT LTD v FENRIS CONSULTING LTD (2016)

AMIR AHMAD & 6 ORS v BANK OF SCOTLAND PLC & 6 ORS (2016)

The appellants appealed against a decision ([2014] EWHC 4611 (Ch)) striking out their claim for damages against the respondent bank and against receivers appointed by the bank.   The first to fourth appellants (X) had traded in a partnership (the fifth appellant). The partnership owned a number of residential properties. Its borrowing from the bank … Continue reading AMIR AHMAD & 6 ORS v BANK OF SCOTLAND PLC & 6 ORS (2016)

LSREF III WIGHT LTD v MILLVALLEY LTD (2016)

A restructured swap agreement had mistakenly referred to the wrong version of the International Swaps and Derivatives Association master agreement, but the drafting had not gone so wrong that the court could correct it. However, the agreement would be rectified as the parties had had a continuing common intention about which version of the master … Continue reading LSREF III WIGHT LTD v MILLVALLEY LTD (2016)