Landis Rath & Cobb represents U.S. Education Loan Trust IV, LLC (“USELT”), the issuer of more than $2 billion in auction rate securities issued pursuant to a trust indenture, in litigation brought by an alleged noteholder. In 2011, when the alleged noteholder brought suit in the Court of Chancery bringing wide-ranging claims, USELT successfully moved to dismiss those claims with prejudice pursuant to the indenture’s no-action clause. The alleged noteholder then brought a narrower claim for alleged unpaid interest in the Complex Commercial Litigation Division of the Delaware Superior Court. After USELT successfully moved to dismiss the new action, the Delaware Supreme Court reversed and remanded the case, which remains pending.
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