30 June 2016
BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 Plc and another [2016] UKSC 29, [2016] All ER (D) 89 (Jun)
The Supreme Court dismissed the appeal of the trustee for the holders of £3.3bn of enhanced capital notes (ECNs) against a decision that the ECNs were redeemable. In so doing, it held that a “capital disqualification event” had arisen, as defined in the terms and conditions of the trust deed.
