Structured Finance in the Courts: Five Things We Learned From the Class X Cases

As regular readers of our finance disputes blog will know, April 2016 saw the High Court in London decide no fewer than five cases brought by the holders of Class X notes in 2006 and 2007 vintage CMBS structures. With the judgments in Hayfin Opal Luxco 3 SARL v Windermere VII CMBS plc and Credit Suisse Asset Management LLC v Titan Europe 2006-1 PLC and others bringing to an end the latest phase in the controversy surrounding Class X, it is a good time to reflect on what they mean for the market.