NY Swap Contract Ruling Means Defenses Hinge On 'S-Word'
Law360, New York (June 10, 2014, 7:01 PM EDT) -- Investment pacts must explicitly bar actions tied to the products they govern to be invoked as a defense against common-law or statutory claims, New York's top court ruled Tuesday, a decision experts say will send lawyers scrambling to make sure their financial industry clients' no-suit clauses feature the crucial word "securities."
In a unanimous ruling, the New York Court of Appeals held that, despite a no-action clause in a trust indenture, New York law does not foreclose plaintiff Quadrant Structured Products Co. from suing defendant EBF & Associates LP for fraudulent transfer and breach of fiduciary duty related to debt financing...
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