Firm Memoranda

New York Court of Appeals Finds an Indenture’s No-Action Clause Does Not Preclude Enforcement of All Common Law and Statutory Claims

Date: 06/18/14

On June 10, 2014, the New York Court of Appeals answered two questions certified to it by the Delaware Supreme Court, clarifying the language necessary for a trust indenture’s no-action clause to preclude enforcement of contractual, common law and statutory claims directly or derivatively by security holders.

CGR Memo - N Y Court of Appeals Finds an Indenture's No-Action Clause Does Not Preclude Enforcement of All Common Law and Statutory Claims.pdf (pdf | 131.90 KB )