Greenwich NatWest and National Westminster Bank, subsidiaries of The Royal Bank of Scotland, are suing a law firm for its role in the structuring and documentation of a CDO for them some six years ago.
Sabre Funding No. 1 was structured by the London office of the New York-based firm in 1999. The $2.25 billion cash CDO is a resecuritized portfolio backed by European, Japanese and U.S. ABS, MBS and CDOs, according to Moody's Investors Service. The notes were first issued in December 1999, with a tap issue following in June of 2000.