Friday, 6 March 2015
Last updated 2 hours ago
Jun 25 2012 | 2:04pm ET
Part of Elliott Associates' battle with Argentina over that country's 2001 debt default came to an end today.
The U.S. Supreme Court refused to hear Elliott's appeal of a lower-court decision ruling that its NML Capital cannot seize $105 million held by the Argentine central bank at the Federal Reserve Bank of New York. The Second Circuit Court of Appeals had overturned a lower-court decision awarding NML and another fund that money, finding that the Banco Central de la Republica Argentina is covered by the U.S. Foreign Sovereign Immunities Act.
The high court's decision allows the lower court decision to stand.
Justice Sonya Sotomayor, who dealt with litigation surrounding Argentina's default when she sat on the Second Circuit, did not participate in the decision.
The Supreme Court rejection does not end Elliott's fight: It has six other lawsuits pending, and has been awarded some $1.6 billion.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…