Exotix Partners defends litigation relating to $10 million back to back LMA loan trades
Clients Exotix Partners LLP
Jones Day successfully represented Exotix Partners LLP in English Commercial Court proceedings instigated by a hedge fund seeking to unwind back to back loan trades (under LMA standard terms) where Exotix acted as a matched principal broker. The proceedings involved the complex allocation of liability issues and culminated in a tripartite trial involving Exotix, the buyer and the seller in order to establish whether the buyer had the right to unwind the trade. The court upheld the express drafting of the unwind provision in both the upstream and downstream trades, and required both trades to be unwound by the relevant parties.