Monday, 22 December 2014
Last updated 17 hours ago
Jan 13 2014 | 1:18pm ET
Argentina will have at least one day before the U.S. Supreme Court as it continues to fight paying hedge-fund holdouts from its 2001 default.
The high court on Friday agreed to hear Argentina's appeal of subpoenas issued by Elliott Management to Bank of America and Banco de la Nación Argentina about the country's assets. The case in question does not deal with the central matter between Argentina and its hedge-fund adversaries: whether the country should be forced to pay the holdouts in full, or default on its restructured debt.
The Supreme Court in October declined to hear Argentina's appeal in that case. Argentina is likely to seek the court's ear on the matter again after the U.S. Second Circuit Court of Appeals in November upheld its decision to force Argentina to pay.
In the subpoenas case, Argentina is seeking to block Elliott's requests, which include records of its own bank accounts and those of leading public officials, including President Cristina Kirchner. Kirchner has been among the most bitter opponents of the holdouts, vowing never to pay them.
The hedge fund says it needs the records to learn how Argentina moves its money around the world, to allow it to seek to collect on some $1.6 billion in legal judgments it has won against the country.
"Federal law does not give Argentina a right to conceal its assets from its lawful creditors," Elliott lawyer Theodore Olson said.
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.