In an important decision of the Financial List of the High Court, on 8 April 2016 Mr Justice Snowden rejected claims by the “Class X” noteholder of the Windermere VII CMBS that it had been underpaid very substantial sums of interest on its notes on interest payment dates in 2015. The judgment in Hayfin Opal Luxco 3 SARL v Windermere VII CMBS plc [2016] EWHC 782 (Ch) has significant implications for other CMBS structures with Class X notes, and for the wider financial markets.
