| Emmet & Co., Inc. v Catholic Health E. |
| 2014 NY Slip Op 01381 [114 AD3d 605] |
| February 27, 2014 |
| Appellate Division, First Department |
| Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. |
| Emmet & Co., Inc., et al., Appellants, v Catholic Health East et al., Respondents. |
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Shearman & Sterling LLP, New York (Richard F. Schwed of counsel), for Catholic
Health East, respondent.
Winston & Strawn LLP, New York (J. Erik Connolly of the bar of the State of
Illinois, admitted pro hac vice of counsel), for Merrill Lynch, Pierce, Fenner & Smith
Inc., respondent.
Judgment, Supreme Court, New York County (Shirley Werner Kornreich, J.), entered December 13, 2012, dismissing the complaint, unanimously affirmed, with costs. Appeal from order, same court and Justice, entered September 25, 2012, unanimously dismissed, without costs, as subsumed in the appeal from the judgment.
Plaintiffs' status as former bondholders does not render the "no action" clauses of the indentures governing the bonds inapplicable to them (Bank of N.Y. v Battery Park City Auth., 251 AD2d 211 [1st Dept 1998]). Nor are they excused from compliance by the indentures "principal and interest" clauses, which only authorize actions for past due principal and interest (id.). Concur—Tom, J.P., Friedman, Saxe and Clark, JJ. [Prior Case History: 37 Misc 3d 854.]