United States Second Circuit
Oxford University Bank v. Lansuppe Feeder, Inc. , 16-4061
Affirmed. Financial institutions that hold junior notes issued by the defendant, as trustee, appeal the grant of summary judgement. The district court erred in holding that ICA § 47(b) does not give rise to a private right of action. However, the district court ordered distribution of the assets of the trust according to the terms of the trust’s governing indenture, so summary judgment affirmed.
- Published 2019/08/05
- United States Second Circuit