Developer Loses 'Opportunistic' £5M Suit Over Irish Swaps

Law360, London (February 26, 2020, 5:22 PM GMT) -- A London judge thrashed a property developer on Wednesday for suing an Irish state-run bank to claw back interest rate payments, saying its “highly opportunistic and meritless” claim was “unreasonable” and should never have wound up in court.

Pulling few punches, High Court Judge Stephen Phillips dismissed Alfred Street Properties Ltd.’s bid to recoup more than £4.7 million ($6 million) paid on interest rate swaps to The National Asset Management Agency, Ireland's so-called bad bank.

Alfred Street owed the bank about £110 million around 2012 and was forced to sign a series of interest rate swaps to hedge against the risk...

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