A surprising recent decision by a New York federal judge, UMB Bank, N.A. v. Bristol-Myers Squibb Company, No. 21-CV-4897 (S.D.N.Y. Sept. 30, 2024), 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.
October 15, 2024
