Saturday, 20 December 2014
Last updated 20 hours ago
Jul 15 2013 | 9:50am ET
The Obama administration may take sides in the battle between Paul Singer's Elliott Management and the government of Argentina, but not the side Singer would like.
The Washington Post, citing people familiar with the case, said the U.S. Justice Department is mulling filing a brief at the Supreme Court defending the concept of sovereign immunity, which protects nations from lawsuits. On Friday, reported the paper, Justice Department officials met with lawyers on both sides of the dispute, along with representatives from the Treasury and State departments.
Elliott Management is one of a group of U.S. hedge funds and investors that bought Argentine debt (some at fire sale prices following the country's default in 2002) and has refused to participate in the settlement deal Argentina has reached with most bondholders. Singer and the others are holding out for what they consider fair value of the debt. Argentina said if it loses the case, the investors could walk away with over $1 billion in profits.
Singer, a major Republican party donor, has spearheaded the battle in U.S. courts to force Argentina to pay up. At the appeals court level in New York, the Justice Department sided with Argentina on several issues.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.