Commerzbank Sues To Stop Changes To $520M CBO

Law360, New York (March 9, 2012, 10:43 PM EST) -- Commerzbank AG’s London branch on Friday sued U.K.-based Deutsche Trustee Co. Ltd. in New York state court over proposed amendments to a $520 million collateralized bond obligation that Commerzbank says would decrease the value of its $29.5 million share.

In a complaint filed in Manhattan, Commerzbank said Deutsche Trustee plans to implement amendments requested by two other noteholders — hedge funds Luxor Capital Group LP and Whitebox Advisors LLC — without the unanimous consent from noteholders that is required by the CBO’s indenture.

“The proposed amendments...
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