US court sides with Argentina to limit bondholder suit
US court sides with Argentina to limit bondholder suit
Wednesday, August 12, 2015
NEW YORK, United States (AFP) -- A US appeals court sided with Argentina Monday and restricted the number of plaintiffs who can sue the country in a class-action suit to recover funds from defaulted bonds.
The appeals court overruled a decision by US District Judge Thomas Griesa that had expanded the class and faulted Griesa for not following an earlier appeals court ruling.
"We conclude that the District Court erred," said US Appeals Judge Chester Straub, writing on behalf of the three-judge panel.
"The mandate... gave the District Court specific instructions that did not permit expanding the plaintiff classes," Straub said. "A district court must follow the mandate issued by an appellate court."
More:
http://www.jamaicaobserver.com/business/US-court-sides-with-Argentina-to-limit-bondholder-suit_19223253
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http://www.democraticunderground.com/10141175568