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Chadbourne & Parke LLP | USA | 13 Sep 2011

Creative arguments partly succeed in circumventing indenture’s “no action” clause

In his recent decision in RJ Capital, S.A. v. Lexington Capital Funding III, Ltd., 10 Civ. 25 (PGG), 2011 U.S. Dist. LEXIS 82912 (S.D.N.Y. July 28, 2011), Judge Paul G. Gardephe dealt with a noteholder’s creative attempts to circumvent noncompliance with a “no action” clause in an indenture that required several conditions to be met before suit thereunder could be brought.


Winston & Strawn LLP | USA | 15 Aug 2011

Securities lending, repos, and conflicts of interest

On August 5th, a Federal District Court held that JP Morgan Chase ("JPMC") did not breach the duty of loyalty it owed its clients.


Chadbourne & Parke LLP | USA | 20 Sep 2010

Court invokes prudent man standard to uphold collateral trustee’s litigation reserve fund

After nearly fifteen years of unsuccessful attempts to recover $71 million worth of securitized bonds after the 1990 bankruptcy of Continental Airlines, Inc., Bluebird Partners L.P. may have suffered its final defeat.


Haynes and Boone LLP | USA | 1 Apr 2009

Weathering the storm: bankruptcy - pay attention from the start because things happen fast

When a company files bankruptcy, it is crucial to closely monitor the bankruptcy proceedings from the beginning.


Locke Lord LLP | USA | 27 May 2008

Bankruptcy court imposes Caremark duties on general counsel

On April 9, 2008, the US Bankruptcy Court for the District of Delaware issued its opinion in Miller v. McDonald, et al., 2008 WL 1002035 (Bkrtcy.D.Del.), in which it held that the general counsel of a public company had a duty to implement a system that would provide reasonable monitoring to prevent corporate wrongdoing.

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