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...

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