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Introduction

London, UK, March 8, 2011 – On March 7, the Court of Appeal upheld the decision of the court at first instance, in favour of Brown Rudnick’s clients, Pamplona Credit Opportunities Master Fund and Patron EMF S.A.R.L (the ‘Respondents’).  The case related to a ‘tranche warfare’ dispute in a UK Residential Mortgage Backed Securities transaction in respect of which the Respondents were noteholders.  The agitators of the dispute (the ‘Appellants’), a group of noteholders in a class of notes more junior to the Respondents, stood to gain from overturning the court at first instance’s decision because it would have resulted in switching the payment waterfall in their favour.

To read the full press release, please click here.

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