August 8, 2013
Topical Highlights for Securities provides summaries of significant federal and state judicial decisions and legislative and administrative activities affecting Securities law. A Westlaw subscription is required to access the documents linked from this page.
Trading and Markets: Issuer’s notice of early redemption of notes at par plus interest was timely under supplemental indenture. Chesapeake Energy Corp. v. Bank of New York Mellon Trust Co., N.A. 2013 WL 1890278 (S.D.N.Y.) Under New York law, the issuer of notes was only required to give notice of redemption of the notes at par, rather than to actually redeem the notes, within the early special redemption period, in order for the issuer’s redemption of approximately $1.3 billion in notes at par plus interest to be timely, pursuant to the supplemental indenture. The supplemental indenture provided that, at any time during the special early redemption period, the issuer had the option of redeeming the notes so long as the issuer gave notice of redemption during that early redemption period. The indenture’s terms “may redeem” the notes reasonably meant “may commence the redemption process” by giving notice during the early redemption period. 2013 WL 1890278 (The full-text of the rest of the Topical Highlights are available within Westlaw Next, subscription required)
Pleading: New developments warranted amendment of complaint in action alleging conspiracy in municipal securities derivatives market. Hinds County, Miss. v. Wachovia Bank N.A. 2013 WL 3947809 (S.D.N.Y.)