Law360, New York (September 16, 2015, 12:26 PM ET) -- The Second Circuit on Wednesday sided with Argentina in litigation stemming from the country's 2001 default, rejecting a lower court ruling that would have greatly inflated a class action brought on behalf of bondholders.
The Government House in Buenos Aires. In 2001, amid a severe economic recession, Argentina defaulted on at least $80 billion worth of bonds. (Credit: AP) The federal appeals court said the class definition backed in 2014 by U.S. District Judge Thomas Griesa was flawed and wouldn't allow Argentina to ascertain all potential...