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Sovereign pari passu clauses: lost rights or last rites?
  • Clifford Chance
  • USA
  • February 13 2017

In late 2012, the New York courts decided that a pari passu clause in a sovereign bond prevented the sovereign from paying other creditors without


Governor vetoes pension borrowing legislation
  • Duane Morris LLP
  • USA
  • July 20 2011

Governor Andrew M. Cuomo recently vetoed a bill that would have allowed school districts to issue new borrowing to cover short-term expenditures, passing the bill to future taxpayers at a much higher cost