In a recent decision, In re Washington Mutual, Inc., the Delaware Bankruptcy Court held that a group of noteholders was subject to the disclosure requirements of Bankruptcy Rule 2019 because it was acting as an ad hoc committee representing more than one creditor. Importantly, the court suggested in dicta that such a group may owe a fiduciary duty to similarly-situated creditors who were not members of the group.
Click here to view memo, Delaware Bankruptcy Court Requires Rule 2019 Disclosure By Ad Hoc Noteholder Committee and Suggests Fiduciary Duties May Be Owed To Other Similarly Situated Creditors