The New York Court of Appeals, the state’s highest court, recently ruled on the scope of a “no-action” clause in a bond indenture.  This article analyzes the ruling.  For a discussion of a dispute involving bond redemption rights, see “Recent Decision Highlights the Perils for Hedge Fund Managers of Failing to Understand Early Redemption Provisions in Bond Indentures,” Hedge Fund Law Report, Vol. 6, No. 30 (Aug. 1, 2013).  For a discussion of a dispute involving an indenture’s impact on bankruptcy claims, see “Tribune Bankruptcy Highlights the Importance of Close Reading of Indenture Agreements by Hedge Funds That Trade Bankruptcy Claims or Distressed Debt,” Hedge Fund Law Report, Vol. 5, No. 43 (Nov. 15, 2012).