Developer Loses 'Opportunistic' £5M Suit Over Irish Swaps

Law360, London (February 26, 2020, 5:22 PM GMT) -- A London judge thrashed a property developer on Wednesday for suing an Irish state-run bank to claw back interest rate payments, saying its “highly opportunistic and meritless” claim was “unreasonable” and should never have wound up in court.

Pulling few punches, High Court Judge Stephen Phillips dismissed Alfred Street Properties Ltd.’s bid to recoup more than £4.7 million ($6 million) paid on interest rate swaps to The National Asset Management Agency, Ireland's so-called bad bank.

Alfred Street owed the bank about £110 million around 2012 and was forced to sign a series of interest rate swaps to hedge against the risk...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!