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1h ago

Second Circuit Rejects Rehearing in Argentina’s Cupón PBI Case

The denial rests on the contracts’ No Action clause, closing the path to appellate reexamination in New York.

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La justicia de EEUU volvió a fallar a favor de la Argentina en la causa \"Cupón PBI\".
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Overview

  • The U.S. appeals court turned down bondholder funds’ request for panel or en banc review in the Aurelius dispute on August 25.
  • The order leaves intact the court’s July 16 decision affirming Judge Loretta Preska’s July 2024 ruling for Argentina.
  • Judges found the plaintiffs failed to satisfy the agreements’ No Action provision, a procedural bar to their suit.
  • Argentina’s Treasury counsel said the outcome averts a potential payment of about $500 million tied to the GDP-linked security.
  • The Cupón PBI was created in the 2005 debt swap to pay extra only if growth thresholds were met, with investors alleging a 2013 GDP recalculation suppressed a payout.