Cuba Creditor Hires Lawyer Who Won Argentina Debt Settlement

An investment fund that’s seeking a payout from the Cuban government on more than $1.3 billion in defaulted debt and back interest has hired the lawyer who won a settlement for hedge funds in a long-running legal battle against Argentina, Bloomberg News reported. CRF I Ltd. contracted Matthew McGill, a partner with Gibson, Dunn & Crutcher, to represent it in its claim against Cuba “including potential litigation,” according to a letter from the firm provided to Bloomberg News by a fund investor. McGill will be joined by Charles Falconer, the former British secretary of State for Justice, according to the letter. CRF is the largest debt holder in the London Club, a group of creditors with a total of more than $5 billion in defaulted commercial debt and back interest. The debt dates back to the 1970s and 1980s and trades at about 23 to 24 cents on the dollar, according to the creditors. Read more.