US judge seizes $105 million in Argentine funds
Legal World
Argentina quickly said it would file a court appeal after a U.S. federal judge ruled Wednesday that bondholders can seize $105 million in Argentine central bank deposits held in the United States.
A bank spokesman told The Associated Press that Argentina was optimistic because similar rulings had been overturned.
The decision, nevertheless, drove down Argentine bond prices just as the cash-strapped government prepares a $20 billion debt-swap offer in hopes of satisfying the bondholders and ending the lawsuits.
Argentina has been in a seemingly endless legal battle with bondholders who refused to accept about 30 cents on the dollar for debt they bought before the country's record $95 billion default in 2002.
U.S. District Court Judge Thomas Griesa in New York said Argentina is willfully defying its legal obligations and "has thus enmeshed the court in years of wasteful litigation with no end in sight."
More threatening for Argentina is the basis for his ruling: that President Cristina Fernandez has proven through her actions that the country's Central Bank lacks independence. That could expose Argentina's funds to other seizures, and increase the perception around the world that the country is a risky place to invest.
The judge issued the order at the request of the hedge fund firm Elliott Management Corp. and an affiliated company, NML Capital Ltd.
Related listings
-
Bangladesh sets up war crimes tribunal
Legal World 03/25/2010Bangladesh set up a war crimes tribunal Thursday for long-delayed trials of people accused of murder, torture, rape and arson during its 1971 independence war.Three High Court judges will sit in the tribunal, Law Minister Shafique Ahmed told reporter...
-
German court gives ex-Nazi life for Dutch killings
Legal World 03/23/2010A court in Germany sentenced an 88-year-old former Nazi SS death squad member to life in prison Tuesday for the murder of three Dutch civilians in World War Two. A spokesman for the court in the western city of Aachen confirmed the verdict against He...
-
South African youth leader convicted of hate speech
Legal World 03/15/2010A court convicted the governing party's youth leader of hate speech Monday after he said the woman who once accused South Africa's president of rape had had a "nice time" because she stayed the night and asked for taxi money.A gender justice group to...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .