Bondholders claim victory in Elektrim ruling


The upper chamber of the UK parliament, the House of Lords, has ruled that a bond trustee can have no liability for serving a notice accelerating bonds, where the notice may be invalidated by the absence of an underlying event of default.

The action arose when the trustee of €510 million of bonds guaranteed by Polish utilities conglomerate Elektrim refused to accelerate the bonds until indemnified by bondholders against substantial damages in case the notice of acceleration was invalid. The House

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