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London court rules English law applies to Euro-denominated Argentine debt

Saturday, February 14th 2015 - 06:52 UTC
Full article 76 comments

A London court ruled on Friday that English law applies to a disputed case involving interest payments on Euro-denominated Argentine debt, making a payout more likely in spite of conflicting orders from a US court.

 The case was brought by a number of investment firms after a US court ruled payments should be halted until a deal was reached between other creditors and Argentina on a payout, following the country's sovereign debt default in 2002.

Claimants included Quantum Partners, the fund run by George Soros, and funds Knighthead Master Fund LP, RGY Investments LLC, and Hayman Capital Master Fund LP.

The London court case involves 225 million Euros ($256.86 million) held under English trust law by trustee Bank of New York Mellon after the money was transferred by Argentina on June 26, 2014.

In response to the ruling by Justice David Richards on Friday, Reynolds Porter Chamberlain, lawyers for the claimants, said they were “very pleased” and that the ruling was a significant step forward in the defense of their interests.

“They have been deeply concerned that their legitimate English law proprietary interests in the payments have not been taken into account in the on-going U.S. litigation,” RPC said in a statement.

“They now hope that this Declaration can be brought to the attention of the appropriate Courts at the first available opportunity and that those Courts will have regard to the decision of the English Court”.

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  • DanyBerger

    OOps!

    A victory for the argies and Cristina...

    I cannot wait to see comments from YankeeBobo and poor pensioner Capitano Poopy.

    So I'm loser baby...
    https://www.youtube.com/watch?v=YgSPaXgAdzE

    Feb 14th, 2015 - 10:17 am 0
  • ChrisR

    @ 1

    I wouldn't crow about it just yet.

    The Bank of NY Mellon is still held by the US judgement. It will need to get permission from Griesa before any money can be released.

    I am not saying Griesa won't do it, just that he will have to rule on it. But you never can tell when it comes to a dick sizing competition between legal systems.

    Feb 14th, 2015 - 11:01 am 0
  • DanyBerger

    @ChrisR

    Doesn’t matter Chris, the argies have already f@cked the Vulture funds and the way they profit as parasite using the US political and judicial corrupted system.

    Are you not happy?

    You should, remember Soros when he broke the BoE in 1992 by doing short selling and shank UK economy into recession and Norman Lamont has to get out of ERM.

    “Je ne regrette rien” Do you remember? Norman famous sentence...

    https://www.youtube.com/watch?v=7I7u_XLtFa0

    comment te dire garçon ...

    LA VIE EN ROSE
    https://www.youtube.com/watch?v=7I7u_XLtFa0

    And if you don’t like it you always have

    Kate Ryan

    C'est comme une gaieté. Comme un sourire.
    Quelque chose dans la voix. Qui paraît nous dire viens
    Qui nous fait sentir étrangement bien
    https://www.youtube.com/watch?v=7I7u_XLtFa0

    Feb 14th, 2015 - 12:12 pm 0
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