19 June 2015
BNY Mellon Corporate Trustee Services Ltd v LBG Capital No. 1 plc and another company [2015] EWHC 1560 (Ch), [2015] All ER (D) 44 (Jun)
The Chancery Division considered whether the defendant issuers, wholly-owned subsidiaries of Lloyds Banking Group plc, were entitled to redeem certain enhanced capital note in advance of their respective maturity dates. That turned on whether a capital disqualification event (CDE) had occurred. The court considered the terms of relevant trust deed and made a declaration that a CDE had not occurred.
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