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Judge to NY bank: Return $539M to Argentina

June 27, 2014
Associated Press

NEW YORK (AP) — A New York judge has ordered a U.S. bank to return a $539 million payment from Argentina, saying it was illegal to make.

The order by Judge Thomas P. Griesa in Manhattan came Friday, three days before Argentina faces default if it fails to pay $832 million to the majority of its debt holders.

The judge is also urging Argentina to negotiate a solution with lawyers for U.S. hedge funds who are demanding the full $1.65 billion they are owed. The judge says any payment to the majority of bondholders without payment being made to the U.S. bondholders is illegal.

Argentina is trying to repay debts incurred after its economy collapsed in 2001.

Griesa says a special master has authority to prevent a default by Argentina.

 
 

 

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