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Quadrant Structured Products Co., Ltd. v. Vertin, 112

In an action for alleged wrongdoing related to notes purchased by plaintiff from defendant, the certified questions from the Supreme Court of the State of Delaware are answered as follows: 1) a trust indenture's "no-action" clause that specifically precludes enforcement of contractual claims arising under the indenture, but omits reference to "the Securities," does not bar a security-holder's independent common law or statutory claims; and 2) the Court of Chancery's finding that the no-action clause, which refers only to "this Indenture," precludes enforcement only of contractual claims arising under the Indenture is a correct application of New York law.

Appellate Information

  • Decided 06/10/2014
  • Published 06/10/2014

Judges

  • RIVERA

Court

  • Court of Appeals of New York

Counsel

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