Argentina In Contempt Of U.S. Court At Hedge Fund’s Request

Jun 1 2009 | 10:23am ET

A U.S. hedge fund battling Argentina over bonds it defaulted on seven years ago has won its bid to have the country held in contempt of court.

A federal judge last week granted Aurelius Capital Partners’ motion to hold both Argentina and its social security agency in contempt for failing to produce documents ordered by the judge. Aurelius is suing Argentina and the agency, Anses, over the 2002 default.

U.S. District Judge Thomas Griesa had previously ruled that Anses and the Argentina government were one and the same, rejecting Argentina’s argument that they are separate entities. Griesa has frozen some of the state-run pensions administrator’s assets in the United States, which are managed by Anses.

“The Republic has the power to see that Anses provides” the documents about transactions Anses made through a private brokerage.

A lawyer for Argentina told the court that its economic ministry had asked Anses for the information, but had been rebuffed.

“Anses, consistent with its view that it is not subject to the jurisdiction of this Court and otherwise has sovereign immunity protections as it were, said no,” Carmine Boccuzzi said.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of