The decision "affirms a proposition essential to the integrity of the capital markets: borrowers and lenders may, under New York law, negotiate mutually agreeable terms for their transactions, but they will be held to those terms," Judge Barrington Parker wrote for the panel.
August 26, 2013 at 12:00 AM
1 minute read
A federal appeals court dealt Argentina a blow Friday in the lengthy legal battle over the country's massive 2001 default, upholding a ruling ordering it to pay $1.4 billion to bondholders.
The decision by the U.S. Court of Appeals for the Second Circuit stayed the payment order so that Argentina could file an expected appeal to the U.S. Supreme Court.
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