RACEPOINT v. JPMORGAN CHASE

No. 6

14 N.Y.3d 419 (2010)

928 N.E.2d 396

902 N.Y.S.2d 14

RACEPOINT PARTNERS, LLC, et al., Appellants, v. JPMORGAN CHASE BANK, N.A., Respondent.

Court of Appeals of New York.

Decided April 1, 2010.


Attorney(s) appearing for the Case

Bartlit Beck Herman Palenchar & Scott LLP ( James B. Heaton, III , of the Illinois bar, admitted pro hac vice, Cindy L. Sobel and Katherine G. Minarik of counsel), Joseph C. Smith, Jr. , Denver, Colorado, and Kleinberg, Kaplan, Wolff & Cohen, P.C., New York City ( David Parker and Marc Rosen of counsel), for appellants.

Simpson Thacher & Bartlett LLP, New York City ( Thomas C. Rice , David J. Woll , Alan C. Turner , Janet A. Gochman and Devin F. Ryan of counsel), for respondent.

Pillsbury Winthrop Shaw Pittman LLP, New York City ( F. Joseph Owens, Jr. , Edward Flanders and John E. Davis of counsel), for American Bankers Association, amicus curiae.

Chief Judge LIPPMAN and Judges CIPARICK, GRAFFEO, READ and JONES concur; Judge SMITH taking no part.


OPINION OF THE COURT

PIGOTT, J.

On February 7, 2001, the energy company Enron executed an indenture agreement with Chase Manhattan Bank (Chase), naming Chase as the indenture trustee for the holders of certain Enron notes. The agreement contained, in section 4.02, a standard provision setting forth a covenant by Enron

"[to] file with the Trustee [i.e. Chase], within 15 days after it files the same with the SEC [Securities and Exchange Commission...

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