Argentina bank wins US lawsuit over debt default

BoyRacer · April 10, 2011, 10:34pm

Argentina bank wins US lawsuit over debt default -> af.reuters.com/article/drcNews/i … 3920110328

Banco de la Nacion Argentina not country’s alter ego

Argentina had $100 bln debt default in 2002

Lawyer for plaintiffs declines to comment

By Jonathan Stempel

NEW YORK, March 28 (Reuters) - Argentina’s largest commercial bank on Monday won dismissal of a lawsuit by bondholders seeking to hold it responsible for the country’s remaining obligations on defaulted debt.
**The bondholders had filed eight cases designated as class actions that seek to recover investment losses tied to Argentina’s roughly $100 billion sovereign default in 2002.
**U.S. District Judge Thomas Griesa, who oversees U.S. litigation over the sovereign default, rejected the contention that Banco de la Nacion Argentina and the country are one and the same.
The Manhattan federal judge said the 120-year-old bank, which calls itself “the largest commercial bank in Argentina,” is not the country’s “alter ego,” even though Argentina owns all of it and appoints its board.

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