Recent Second Circuit Decision Underscores Importance of Careful Consideration of Indenture Terms
Client Newsflash

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In a recent Second Circuit decision, Law Debenture Trust Co. of New York v. Maverick Tube Corp and Tenaris S.A., the court rejected the plaintiff’s argument that a reference to "a class of common stock traded on a United States national securities exchange" should be read to include American Depositary Shares ("ADSs") trading on the New York Stock Exchange ("NYSE"), underscoring the importance of clearly defining terms in indentures.