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Argentina Bond Judge Says He Will Nullify BNY Payment

Bank of New York Mellon Corp. must return $539 million it received from Argentina for holders of the nation’s restructured debt after a judge ruled the transfer an “explosive action” that disrupted potential settlement talks with defaulted debt-holders.

The ruling yesterday by U.S. District Judge Thomas Griesa in New York, just three days before a payment deadline, is tied to his earlier decision that the nation can’t pay holders of restructured debt without also paying more than $1.5 billion to a group of defaulted bondholders.