The Republic of Argentina got a federal court to trim, but not eliminate, allegations it failed to make at least $5 billion in required payments to debt securities holders based on its economic performance.
A trustee identified in the debt document—Bank of New York Mellon—can proceed with the suit on behalf of the investors because it isn’t affected by a clause prohibiting individual shareholders from bringing legal action, Judge Loretta Preska said Monday for the US District Court for the Southern District of New York. But Aurelius Capital Master Ltd. and other hedge funds can’t remain as plaintiffs because that ...
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