SOURCE: Diaz Reus & Targ, LLP

Diaz Reus & Targ, LLP international law firm

May 24, 2010 11:16 ET

U.S. Judge Rules on Behalf of Class-Action Groups in $2.43 Billion Argentina Bond Cases

NEW YORK, NY--(Marketwire - May 24, 2010) -  Eight plaintiff class-action groups holding defaulted Argentine bonds obtained a key ruling from U.S. District Court Judge Thomas P. Griesa in the long-running $2.43 billion case. On May 20, Judge Griesa accepted Argentina's declaration that, contrary to the terms it presented to the Securities and Exchange Commission (SEC) for its planned bond exchange, it will not change the terms of the exchange once the bondholders tender their bonds.

"Now, any class member who wishes to enter into the bond exchange can do so with the certainty that Argentina gave up the right to reduce the terms of the offering," said plaintiffs' attorney Guillermo Gleizer of Diaz Reus, an international law firm with offices in Miami and New York.

In early 2004, the bondholders took legal action against the Republic of Argentina seeking payment on eight separate series of defaulted global bonds and accumulated interest, and in 2009 won a series of judgments that cumulatively total $2.43 billion plus interest.

"Our goal in court was to ensure that the Republic of Argentina treated all bondholders equally -- not to halt the bond exchange," said Michael Diaz, co-founder and partner of Diaz Reus. "With this ruling, the bond exchange can now go forward in a fair and impartial manner. Judge Griesa has successfully balanced the rights of property holders to accept the exchange offer with the rights of class members to be protected from changes in those terms."

Miami-based Diaz Reus is a full-service international law firm focusing on trade and business transactions, complex commercial, civil, and criminal litigation and arbitration matters. The firm operates offices in Miami, Florida; Shanghai, China; Frankfurt, Germany; Caracas, Venezuela, and Mexico City, Mexico; as well as affiliate offices in Colombia and Brazil. For more information, visit www.diazreus.com.

Contact Information

  • Michael Diaz, Jr.
    Managing Partner
    Diaz Reus & Targ, LLP
    305.375.9220