Cour de Cassation’s ruling on the
Belvedere case has clarified that a trustee can be the
legitimate filer in order to determine whether he is a creditor
or an agent.
decision represents a victory for noteholders in the country
and is expected to promote international loans for French
The case centred on the Bank of New York Mellon (BNYM),
advised by Fried Frank, which was acting as trustee for a
number of noteholders pursuant to an indenture...