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No-Action Clauses

Wiley Rein LLP

Insured Barred From Settling Without Insurer’s Consent Absent Breach of Duty to Defend But Insurer Must Exercise Good Faith in...

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The United States District Court for the District of South Dakota, applying South Dakota law, has held that an insured healthcare system was barred from settling without its healthcare liability insurer’s consent where the...more

Vedder Price

SEC Staff Reverses Position on State Control Share Statutes for Closed-End Funds

Vedder Price on

On May 27, 2020, the staff of the SEC’s Division of Investment Management withdrew previously issued guidance addressing the intersection between state control share acquisition statutes (control share statutes) and the...more

Faegre Drinker Biddle & Reath LLP

Corporate Trust: English Courts Uphold No-Action Clause, Deliver Helpful Guidance on Responding to a Noteholder Direction

English courts are willing to uphold no-action clauses, which are commonly found in transactions involving a trustee structure, and will not be easily persuaded by noteholders that such note issuance clauses can be...more

Hogan Lovells

When the shoe does not fit: direct action clauses – can investors step into the Trustee’s shoes to enforce?

Hogan Lovells on

A recent High Court case (Fairhold Securitisation Limited v Clifden IOM No 1 Ltd) has affirmed that in debt issuances involving a trustee, noteholders have only limited rights to take direct enforcement action.  ...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: May 2017 - Follow-up: Second Circuit Affirms Dismissal of Action on Ecuador Debt Based on Expansive No-Action...

The January 2017 issue of Debt Dialogue reported on a decision rendered in federal court for the Southern District of New York, Penades v. The Republic of Ecuador (SDNY Sept. 30, 2016), on the application of a no-action...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: January 2017

This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more

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