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Argentina Loses Debt Immunity Suit in U.K. Supreme Court

Argentina’s state immunity can’t prevent an offshore trader in distressed sovereign debt from using British courts to enforce claims over the country’s 2001 default, the U.K. Supreme Court ruled.

The decision in London today, which reverses a lower court ruling from last year, permits an affiliate of New York-based hedge fund Elliott Associates LP to seize Argentina’s assets in Britain using a $284 million U.S. court judgment it has against the South American nation. Argentina had argued U.K. courts didn’t have jurisdiction on the issue.