Peru Says Tweak To $1.6B Arbitration Claim Dooms Gramercy

Law360, New York (September 9, 2016, 7:41 PM EDT) -- Small changes that U.S. asset manager Gramercy Funds Management LLC made last month to its $1.6 billion arbitration claim against Peru over inflation-degraded land bonds actually weaken its case, the country contended in a brief made public Thursday.

Gramercy has claimed that Peru’s government twisted the law and violated a trade deal with the U.S. when it rammed through a revaluation of bonds that the country issued during a land redistribution program decades ago. But Peru has accused Greenwich, Connecticut-based Gramercy of running a “smear campaign” and says valuation disputes over the bonds have been sorted out by its courts....

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