The Am Law Litigation Daily reported Fried Frank's decisive victory in the long-running Belvedere dispute, successfully defending an appeal by Belvedere in front of the Cour de Cassation. The decision is of great importance to the practice of international financing, particularly high-yield bonds issues, and adds to a number of significant results by Fried Frank on behalf of client Bank of New York Mellon, the trustee of the floating rate notes issued by Belvedere S.A.
The Litigation Daily noted that "we don't often write about the affairs of the Cour de Cassation, which is France's Supreme Court. But [Fried Frank] recently won a ruling there on behalf of Bank of New York Mellon that appears to be important in the world of international finance." Corporate partner David Chijner (Paris), who led the Fried Frank team along with corporate European counsel Noam Ankri (Paris), was quoted in the article, noting that "the whole LBO community was watching this case very intensely."