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Expert Analysis

NY High Court Puts Spotlight On No-Action Clauses

Law360, New York (July 9, 2014, 10:37 AM EDT) -- The importance of careful drafting was recently reiterated by the New York Court of Appeals in Quadrant Structured Products Co. v. Vertin (2014 NY Slip Op 04114). The court held that a no-action clause missing any reference to "securities" was held to apply exclusively to contractual claims arising from the indenture. The contested no-action clause only precluded claims arising under the indenture and did not apply to common law and statutory claims relating to "the securities."...

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