A decade after the global financial crisis, the English courts have developed a sophisticated body of case law on structured finance disputes. This article surveys the key developments and identifies the lessons for future transactions.
The global financial crisis of 2008 generated a wave of structured finance litigation that has occupied the English courts for over a decade. The judgments handed down in this period have significantly developed the law in a number of areas, including the construction of complex financial documentation, the obligations of collateral managers and trustees, and the remedies available to investors in failed structured finance vehicles.
This article surveys the key developments, drawing on the authors' experience in a number of leading cases, including the landmark judgment in Meridian Capital v. Sovereign Bank [2023] EWHC 1842 (Comm). It identifies the key lessons for parties to structured finance transactions and considers the implications for the design of future vehicles.
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About the Author
Sophia Chen
Senior Junior
Sophia Chen is a highly regarded senior junior with a practice focused on complex commercial litigation, civil fraud, and banking disputes. She has appeared as sole counsel and as junior to leading silks in the Commercial Court, the Court of Appeal, and in international arbitrations. Sophia has particular expertise in cases involving Asia-Pacific parties and disputes arising from transactions governed by Hong Kong and Singapore law. She is a contributing editor to Chitty on Contracts and a regular speaker at international conferences.