Gramercy Files $1.6 Billion Claim Against Peru Over Land Bonds
- Gramercy says Peru violating terms of U.S. free-trade accord
- Fund said Peru’s ‘stonewalling’ on talks led to decision
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Gramercy Funds Management LLC is seeking to enter arbitration with Peru over the $1.6 billion it says it’s owed from decades-old defaulted bonds.
The claim for violations under the U.S.-Peru Free Trade Agreement was filed Thursday, according to an e-mailed statement from the Greenwich, Connecticut-based hedge fund. Gramercy had filed notice of its intent to seek arbitration in February.