Argentina signs deal to close US class action suit over defaulted debt
Argentina and US bondholders have settled a class action lawsuit over defaulted debt from 2001. According to the court appointed monitor, Daniel Pollack, creditors who participate would receive 100 percent of the principal owed and 50 percent of the interest owed on that principal. The exact number of bondholders that are covered under the class action settlement will not be known for several weeks. On February 5, the nation of Argentina offered $6.5B to settle its $100B debt obligation. Pollack stated that Tuesday’s settlement “fits within the numbers” of the proposed offer. Two of the six leading bondholders have accepted the terms of the offer.