Trustee's Establishment of Litigation Reserve Deemed Reasonable Under The "Prudent Man" Standard

In Bluebird Partners, L.P. v. Bank of New York, Index No. 1996-601016, 2010 NY Slip Op 31407(U) (Sup Ct, NY County, June 7, 2010), Justice Eileen Bransten of the New York Commercial Division, granted a summary judgment motion in favor of the Bank of New York, as a collateral trustee, because she found that the bank acted in a reasonable and prudent manner in establishing and administering a litigation reserve pursuant to an indenture and trust agreement.

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