Bankers’ Group Supports Bond Trustee in Argentina Appeal
Bob Van,

The American Bankers Association, a trade association representing the financial services industry in the U.S., asked a court to overturn orders it claims improperly handcuff Bank of New York Mellon Corp. in litigation over Argentina’s defaulted debt.

In a court filing yesterday, the ABA asked the U.S. Court of Appeals in New York to reverse rulings by U.S. District Judge Thomas Griesa that the group claims would interfere with the bank’s role as indenture trustee for Argentina’s restructured debt. The court is scheduled to hear arguments in the case Feb. 27.

“Permitting injunctions against these trustees that preclude them fulfilling their pre-existing obligations whenever expedient to enforce a judgment against the debtor will have significantly adverse consequences for the financial system,” the ABA said in its brief.

Yesterday was the deadline for the filing of so-called amicus, or friend-of-the-court, briefs, in which non-parties to an appeal submit arguments that may be helpful to the court, with the court’s permission. The ABA filed its arguments and asked the court to consider them in Argentina’s appeal.


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