Argentina Fails In Bid to Halt 645 Million Euro UK Lawsuit Over GDP Warrants

Argentina has lost an attempt to halt a lawsuit in English courts brought by four hedge funds which say the country has manipulated economic data to avert payments in connection with growth-linked sovereign debt instruments, Reuters reported. Asset managers Palladian Partners L.P., HBK Master Fund L.P, Hirsh Group LLC and Virtual Emerald International Limited said they are owed from 525 million-645 million euros in payments linked to the GDP warrants designed to pay out to investors if a number of growth criteria targets are met or exceeded. The funds allege that a change in statistics published by Argentina had resulted in the instruments’, which were issued in 2005 and 2010 as part of a debt restructuring, no longer qualifying for payout. Read more

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