BACKGROUND
On Friday 13 February 2015 the Chancery Division of the English High Court handed down a judgment in proceedings brought by holders of euro-denominated Exchange Bonds against the trustee under those bonds, BNY Mellon, and its English subsidiary: to view the judgement please click here.
In July 2014 we reported that Argentina had started to make repayments under the exchange bonds by paying over $538n to BNY Mellon on 26 June 2014: to view this alert, please click here. The plaintiffs argued that those payments had put Argentina in breach of the injunction issued by the US District Court on 21 November 2012 which specifically enjoined Argentina from making any payment under the Exchange Bonds without making a ratable payment to the Holdout Creditors, such as NML. Read more.
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