Argentina Appeals Order for Banks to Turn Over Asset DataJoe Schneider
Argentina, which has lost court judgments in the U.S. over its 2001 debt default, appealed a judge’s order that some banks turn over information relating to the South American country’s assets.
Argentina said in a court filing yesterday that it will ask the U.S. Court of Appeals for the 2nd Circuit to overturn U.S. District Judge Thomas Griesa’s Sept. 25 order for Citibank N.A., Deutsche Bank AG, JPMorgan Chase & Co. and other banks to give the data to Elliott Management Corp.’s NML Capital Ltd.
Argentina in 2001 defaulted on a record $95 billion of foreign debt. Holders of about 91 percent of the bonds agreed to take new exchange bonds in 2005 and 2010, at a deep discount. Some holdout investors have won court judgments against Argentina in New York courts and are trying to find assets they can seize to enforce them.
Griesa on Sept. 25 also denied Argentina’s bid to throw out a lawsuit in which NML Capital and EM Ltd. sought a court declaration that Argentina’s central bank is an “alter ego” for the country and liable to pay them almost $2.6 billion.
The banks ordered to turn over information on Argentina’s assets also include HSBC Holdings Plc, Standard Chartered Plc, UBS AG, Wells Fargo & Co. and BNP Paribas SA.
The case is NML Capital Ltd. v The Republic of Argentina. 08-cv-06978. U.S. District Court Southern District of New York (Manhattan).