2nd Circuit Says Trust Indenture Act Inapplicable To Suit Over FriendFinder Shares

(February 2, 2024, 3:05 PM EST) -- NEW YORK — A panel of the Second Circuit U.S. Court of Appeals affirmed the decision of a federal judge in New York to dismiss a suit filed by two investment firms accusing the founder of a social networking website of attempting to force the firms to sell their stake in the company at a discount, with the panel finding that the firms were incorrect to suggest that the Trust Indenture Act afforded them protections....