Argentina Wins Appeal Of Bondholders' $2.2B Award

Law360, New York (May 27, 2010, 5:13 PM EDT) -- A federal appeals court on Thursday tossed a $2.24 billion damages award to bondholders who lost money when the Republic of Argentina defaulted in 2001, ruling that a district court had improperly calculated “inflated” damages.

The U.S. Court of Appeals for the Second Circuit vacated the district court’s judgments awarding investors $2.24 billion and remanded the damages issue, but affirmed the lower court's decision to certify classes of bondholders.

Argentina had appealed eight final judgments by Judge Thomas P. Griesa of the U.S. District Court for...
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