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Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case

Tuesday, April 22, 2014 By Staff, Jubilee USA Network | Press Release
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Washington DC - On Monday, the Supreme Court hears arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if predatory hedge fund, NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.

"The Supreme Court hearing this initial case offers some indication that they are interested in hearing the broader case," said Eric LeCompte, Executive Director of the religious antipoverty coalition, Jubilee USA Network. "The courts decision on the broader case will impact financial stability and people living in extreme poverty."

In late March, Jubilee USA Network and 79 religious and development groups filed an Amicus ("friend-of-the-court") brief with the Supreme Court urging them to take the broader case with global implications. In addition to Jubilee USA's filing, economist Joseph Stiglitz and the governments of Brazil and Mexico also filed on Argentina's side. The G24, the International Monetary Fund, World Bank, United Nations and the US government continue to raise concerns with predatory holdout behavior.

"There's a global consensus that his behavior hurts poor people and legitimate investors," said LeCompte who serves on several UN expert groups working to stem predatory behavior. "If the Supreme Court takes the broader case and decides for Argentina, we'll see a lot of this extreme behavior end."

See Jubilee USA's release on its Supreme Court Filing: http://www.jubileeusa.org/press/press-item/article/religious-and-anti-poverty-groups-file-with-supreme-court-in-argentinanml-capital-case.html

Read Jubilee USA's Amicus Supreme Court filing: http://jubileeusa.org/fileadmin/13-990__-991_Amici_Brief_filed_3-24-14.pdf

For more information on the case and a timeline: http://www.jubileeusa.org/truth-about-debt/vulturefunds/argentina.html

 

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.
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Supreme Court Hears Argentina Predatory Hedge Fund Discovery Case

Tuesday, April 22, 2014 By Staff, Jubilee USA Network | Press Release
  • font size decrease font size decrease font size increase font size increase font size
  • Print

Washington DC - On Monday, the Supreme Court hears arguments between Argentina and holdouts who refused two debt restructuring deals after Argentina defaulted on its debts in 2001. The Supreme Court Justices will determine if predatory hedge fund, NML Capital can obtain information from US Banks that reveal Argentina's holdings in order to target those assets for debt payments. The Obama Administration is siding with Argentina in the case. In the summer, the Supreme Court will also decide if it will hear a much broader case between Argentina and the hedge funds that impacts extreme poverty, official US debt policy and country debt restructuring.

"The Supreme Court hearing this initial case offers some indication that they are interested in hearing the broader case," said Eric LeCompte, Executive Director of the religious antipoverty coalition, Jubilee USA Network. "The courts decision on the broader case will impact financial stability and people living in extreme poverty."

In late March, Jubilee USA Network and 79 religious and development groups filed an Amicus ("friend-of-the-court") brief with the Supreme Court urging them to take the broader case with global implications. In addition to Jubilee USA's filing, economist Joseph Stiglitz and the governments of Brazil and Mexico also filed on Argentina's side. The G24, the International Monetary Fund, World Bank, United Nations and the US government continue to raise concerns with predatory holdout behavior.

"There's a global consensus that his behavior hurts poor people and legitimate investors," said LeCompte who serves on several UN expert groups working to stem predatory behavior. "If the Supreme Court takes the broader case and decides for Argentina, we'll see a lot of this extreme behavior end."

See Jubilee USA's release on its Supreme Court Filing: http://www.jubileeusa.org/press/press-item/article/religious-and-anti-poverty-groups-file-with-supreme-court-in-argentinanml-capital-case.html

Read Jubilee USA's Amicus Supreme Court filing: http://jubileeusa.org/fileadmin/13-990__-991_Amici_Brief_filed_3-24-14.pdf

For more information on the case and a timeline: http://www.jubileeusa.org/truth-about-debt/vulturefunds/argentina.html

 

This piece was reprinted by Truthout with permission or license. It may not be reproduced in any form without permission or license from the source.