Supreme Court Rejects Elliott's Argentina Appeal

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.


In Depth

Q&A: Jeff Eaton Talks Capital Raising, CalPERS And The Secondaries Market

Oct 14 2014 | 10:16am ET

Global placement agent Eaton Partners has raised close to $60 billion for some of...

Lifestyle

MacDonald-Korth Offers Insights Into Paintings Bought, Sold By Hedgies

Oct 7 2014 | 9:00am ET

Definitive and complete ratings require an in-person examination of an artwork,...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.