(Court of Appeal for Ontario) The upheld the lower court’s approval of the approach in the United States (citing Feldbaum v. McCrory Corp., 1992 Del. Ch. LEXIS 113) that in consenting to no-action clauses by purchasing bonds, bondholders waive their rights to bring claims that are common to all bondholders, and thus can be prosecuted by the trustee, unless they first comply with the procedures in the instrument constituting the bonds.
(2004) 40 BLR (3d) 112, 2004 CanLII 30309, (2004) 181 OAC 19
Canlii
Canada
Cited by:
Cited – Elektrim SA v Vivendi Holdings 1 Corp CA 24-Oct-2008
The court considered the construction of a ‘no action’ clause in a bond, under which clause only the trustee would have the right to take action to enforce it. . .
Lists of cited by and citing cases may be incomplete.
Banking
Updated: 06 December 2021; Ref: scu.277161