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Expert Analysis

Hellas' Lessons On Noncontractual Claims For Noteholders

Law360, New York (November 2, 2016, 3:39 PM EDT) -- A recent decision by an appeals court of the state of New York highlights the deceptive complexity of bringing noncontractual claims by or on behalf of noteholders under the seemingly boilerplate remedies provisions in trust indentures. At issue was the standard indenture language that defines the authority of a trustee to bring claims under the indenture, and in particular, whether the trustee has the power to bring noncontractual claims under its own volition (not directed by a majority in principal amount of bondholders) against persons not party to the indenture....

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