Argentina Bond Litigation

In an opinion today in the long-running Argentina bond litigation, Judge Griesa ruled that, subject to certain conditions, he would lift injunctions requiring that Argentina pay all debt ratably, including so-called “holdout” bondholders (see our prior post here).  He did so because:  “Put simply, President Macri’s election changed everything.”  Specifically, Judge Griesa found that

On Friday, as part of the long-running litigation against Argentina concerning its bond defaults, Judge Griesa granted injunctive relief to a series of follow-on (or “me too”) plaintiffs, along the same lines as the injunction entered for the lead plaintiffs in 2013.  The injunction requires Argentina to treat the bondholders equally, or parri passu, with other external debt.  According to Bloomberg, this adds $6 billion in additional claims.  Judge Griesa rejected Argentina’s argument that the relief “would subject the Republic to an unacceptable degree of catastrophic risk”:
Continue Reading In Argentina Bond Litigation, Judge Griesa Grants Injunction to “Me Too” Plaintiffs