Euro 1.33 billion bond defeat for Republic of Argentina

Mr Justice Picken has ruled that The Republic of Argentina must repay Euro 1.33 billion to four hedge fund investors in its Euro-denominated securities following a judgement in London’s High Court.

Published on 20 April 2023
Written by Rebecca Patton
Rebecca Patton

What was the case about?

Palladian Partners, HBK Master Fund, Hirsh Group and Virtual Emerald International bought 48% of the securities in 2005 and 2010. They allege that the Government of Argentina failed to make repayments in 2013 due to it changing the base year for calculating GDP growth from 1993 to 2004 in 2013.

The Bank of New York Mellon were also defendants in the case due to its role as Trustee.

Who were the barristers on the case?

The case involved a number of London’s top barristers. The claimant Hedge Funds were represented by Brick Court’s Susan Prevezer, Fountain Court’s Alex Barden and 39 Essex’s James Shaerf.

Barristers for The Republic of Argentina were Fountain Court’s Ben Valentin KC , Tamara Oppenheimer KC , Samuel Ritchie and Francesca Ruddy. For the Bank of New York Mellon were Fountain Court’s Adam Zellick KC and Ian Bergson.

These and other barristers appear in Chambers UK Bar’s Banking and Finance and Commercial Dispute Resolution rankings.

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