Region:
World
Category:
Economy

Grisea expanded the powers of the mediator Daniel Pollack and opened the door to new lawsuits against Argentina

Region:
World
Category:
Economy
Publication date:
Print article

Judge opens door so those funds not availed themselves of debt swaps in 2005 and 2010 and, although not filed the lawsuit leading NML and Aurelius Capital, wanted to join once late in the process

US District Judge Thomas Grisea instructing in New York for Argentina against hedge funds, today issued an order extending the powers of Daniel Pollack mediator to facilitate an agreement between the parties and to integrate other plaintiffs in the litigation.

Grisea and Pollack gives authority "to add those cases pending in this cause" and to arbitrate negotiations with them, while trying to follow an agreement between the so-called "vulture funds" and the South American country to collect 1,500 million dollars in defaulted bonds since 2001.

Judge opens door so those funds not availed themselves of debt swaps in 2005 and 2010 and, although not filed the lawsuit leading NML and Aurelius Capital, wanted to join later in the process once.

So-called "me toos" could achieve its goal of joining the state where it NML and Aurelius to American Justice.

Argentina got 93% of the bondholders acogieran its debt restructuring, but the remaining 7%, only 1% fought in court to get 100% of the debt before 2001.

Daniel Pollack Grisea appointed as mediator in negotiations between claimants and defendants and lawyers were asked Argentina over following the failure of negotiations on the grounds that he had acted partially.

This request was rejected by the judge immediately.

Now, after Argentina was declared in contempt of court, Pollack expands its functions "in recognition of the complexities created by these accessions to the case" and therefore can structure agreements between the parties and between the different parties.

Traslation Belén Zapata