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Judi Lynn

(160,616 posts) Wed Aug 12, 2015, 04:47 PM Aug 2015

US court sides with Argentina to limit bondholder suit

Source: Agence France-Presse

US court sides with Argentina to limit bondholder suit
Wednesday, August 12, 2015

NEW YORK, United States (AFP) -- A US appeals court sided with Argentina Monday and restricted the number of plaintiffs who can sue the country in a class-action suit to recover funds from defaulted bonds.

The appeals court overruled a decision by US District Judge Thomas Griesa that had expanded the class and faulted Griesa for not following an earlier appeals court ruling.

"We conclude that the District Court erred," said US Appeals Judge Chester Straub, writing on behalf of the three-judge panel.

"The mandate... gave the District Court specific instructions that did not permit expanding the plaintiff classes," Straub said. "A district court must follow the mandate issued by an appellate court."

Read more: http://www.jamaicaobserver.com/business/US-court-sides-with-Argentina-to-limit-bondholder-suit_19223253

2 replies

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US court sides with Argentina to limit bondholder suit (Original Post) Judi Lynn Aug 2015 OP

Of course, the article should have read "US court sides with Argentina to limit HOLDOUT suit." forest444 Aug 2015 #1

The judge never has seemed to be concerned with the moral aspects of the situation. Judi Lynn Aug 2015 #2

forest444

(5,902 posts)

1. Of course, the article should have read "US court sides with Argentina to limit HOLDOUT suit."

Reply to Judi Lynn (Original post)

Wed Aug 12, 2015, 05:24 PM

Aug 2015

Since what they've had here is a 2% minority of bondholders (mostly Caribbean laundries) using an extremist (almost certainly bribed) judge to block payments for the 92% of bondholders that are legitimate and were collecting handsomely until last year.

Fortunately, many of Argentina's illegally blocked bondholders -though certainly not all- have been collecting through Buenos Aires in recent months. Which figures since Wall Street has become far too lawless a place to expect to collect without some extortionist - and their paid Greasa monkey - holding up your money.

Judi Lynn

(160,616 posts)

2. The judge never has seemed to be concerned with the moral aspects of the situation.

Reply to forest444 (Reply #1)

Thu Aug 13, 2015, 03:55 AM

Aug 2015

It has been painful reading his decisions.

It's a relief to see your comments on this horrendous situation.

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