Novo Banco Ducks €550M Note Repayment Action

Law360, London (April 1, 2019, 2:18 PM BST) -- Portuguese lender Novo Banco did not default on €550 million ($618 million) of notes by failing to repay a loan that a hedge fund issued to a separate, failed lender in that country, a judge ruled in London on Monday.

High Court Judge Marcus Smith said the the bank is not liable to to repay Winterbrook Global Opportunities Fund part of a $835 million loan, because the debt was never transferred from Banco Espirito Santo SA to Novo Bank.

In a 10-page decision the judge said he had to throw out Winterbrook's repayment bid because the claims had been essentially barred by a ruling...

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