A New York federal judge’s September 30 decision in UMB Bank N.A. v. Bristol-Myers Squibb Co. is a stark reminder to holders of debt securities of the pitfalls of commencing litigation against an issuer without meticulously following the procedures required by the governing documents. It is also a reminder to issuers to explore procedural defenses they may have when facing holder enforcement actions.
In an article for Law360, Milbank LLP Litigation & Arbitration partner Alexander Lees, Corporate Finance and Securities partner Jonathon Jackson and associate Lena Bruce discuss lessons learned from the Bristol-Myers win, and how it is unsafe to ignore the issues created by the indirect holding system, even several years into a litigation.
Read “Bristol-Myers Win Offers Lessons For Debt Security Holders” here.