$6.5B Argentina Deal Attacked By Class Action Counsel

Law360, New York (February 9, 2016, 4:41 PM EST) -- Argentina’s proposed $6.5 billion settlement with holdout bondholders was attacked Monday in New York court by plaintiffs' counsel overseeing a series of separate class action lawsuits over the country’s 2001 default, saying the deal would undermine injunctions intended to make sure parties are treated equally.

Plaintiffs attorney Marta Colomar-García of  Diaz Reus & Targ LLP sent a letter criticizing the proposed settlement to U.S. District Judge Thomas Griesa. The deal would resolve litigation brought Against the hedge funds and other parties but not class action litigation brought by bondholders, the letter said.

Made public on Friday, the proposed $6.5 billion deal...

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