Snowden J introduced the case saying: ‘The issues concern the rights attaching to the ‘Class X Note’ in a Commercial Mortgage-Backed Securitisation (CMBS) structure called ‘Windermere VII’ that was arranged in 2006 by Lehman Brothers International (Europe) (‘LBIE’). The issues are potentially of wider market significance, since the use of class X notes is not uncommon in CMBS structures, and such use in the earlier generation of CMBS structures created prior to 2008 has not been without controversy.’
Snowden J
[2016] EWHC 782 (Ch)
Bailii, Judiciary
England and Wales
Financial Services
Leading Case
Updated: 09 November 2021; Ref: scu.562027
