Argentina Gives Hedge Funds Slip In Assets Battle

Law360, New York (March 24, 2010, 7:48 PM EDT) -- A federal appeals court has cleared the way for the Republic of Argentina to move $35 billion in securities held in custodial accounts away from Citibank NA, where hedge funds claim the accounts can be used to pay the hundreds of millions of dollars in judgments Argentina owes.

The U.S. Court of Appeals for the Second Circuit dealt a heavy blow to Aurelius Capital Partners LP and other funds Wednesday, lifting a stay of a district court’s order that bars the hedge funds from treating the...
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