Novo Banco Looks To Ax Hedge Fund's Debt Default Suit

Law360, London (February 6, 2019, 7:03 PM GMT) -- Hedge fund Winterbrook Global Opportunities' claim that several notes issued by Novo Banco SA are in default  "flies in the face" of a recent U.K. Supreme Court decision and should be struck out, the Portuguese bank's lawyer told a London court Wednesday.

Daniel Bayfield QC of South Square, counsel for Novo Banco and its subsidiary NB Finance Ltd., said the suit from Winterbrook Global Opportunities Fund suit against his clients seeking declaratory relief for outstanding repayments under a €10 billion ($11.4 billion) medium-term note and a €20 billion medium-term note is "misconceived" and "bound to fail."

Winterbrook said in its claim...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS