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Bleichmar Fonti & Auld LLP Files Lawsuit Against Argentina For Failing to Pay Over $1.3 Billion to Holders of Its GDP-Linked Warrants

NEW YORK, NY / ACCESSWIRE / November 8, 2019 / Bleichmar Fonti & Auld LLP ("BFA") announces that it has filed a lawsuit in the Southern District of New York on behalf of its client Novoriver S.A. against the Argentine Republic ("Argentina"). The action seeks to recover for Argentina's failure to make a contractually required payment in excess of $1.3 billion to holders of Argentina's GDP-linked U.S. dollar-denominated warrants issued in 2005 and 2010 (the "Warrants").

The action alleges that Argentina committed to pay Warrant holders up to $8.1 billion if the performance of the Argentine economy through 2015 met certain annual thresholds. For six of the first seven years the Warrants were outstanding, investors received about $2.9 billion in payments.

Argentina's economic performance for 2013 also met the required threshold for payment. However, Argentina chose to breach its obligations. Facing political and economic pressure to deny payment, as well as strongly positive economic data for the first three quarters of 2013 that led market participants to expect payment, Argentina manipulated its data and abruptly changed its calculations to lower Argentina's claimed GDP growth below the payment trigger. Argentina therefore breached its express obligation to pay more than $1.3 billion to Warrant holders on December 15, 2014. Argentina's breaches are continuing.

If you are a holder of Warrants and would like more information about this case, please contact Javier Bleichmar at jbleichmar@bfalaw.com or (212) 789-1341. A copy of the complaint is available here.

BFA is a leading boutique firm focused on plaintiff-side complex litigation. The Firm represents and counsels investors, consumers, and public entities in the prosecution of securities, antitrust, and consumer actions.

BFA is based in New York, New York with offices in Oakland, California and Toronto, Ontario. For more information about BFA, please visit https://www.bfalaw.com.


Javier Bleichmar
Bleichmar Fonti & Auld LLP
(212) 789-1341

SOURCE: Bleichmar Fonti & Auld LLP

ReleaseID: 565823

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