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BANKING: Still standing

10 October 2014  

In her second article Mary Gibbons continues her report on the consequences of NML Capital v Argentina

The case of NML Capital, Ltd v the Republic of Argentina [2014], which was featured in the July/August 2014 edition of this journal (‘Last stand at the OK Corral?’ by Mary Gibbons, CLJ56, p8), continues to work its way through the New York courts. Various applications have been made in the United States District Court for the Southern District of New York and several appeals are now underway arising out of that court’s rulings. In parallel, proceedings brought by certain hedge funds are continuing in Belgium against the Bank of New York Mellon (the indenture trustee) and Euroclear, and have now been instituted in England against the Bank of New York Mellon and the Bank of New York Depository (Nominees) Ltd. Both actions arise in the context of Argentinian English law euro-denominated debt.

Additional Info

  • Case(s) Referenced:

    Elliott Associates LP v Republic of Peru [1998] 12 F Supp 2d 328 (SDNY)

    NML Capital, Ltd & ors v the Republic of Argentina [2014] No 08 Civ 6978 (TPG)