BNY Mellon to hold onto Argentine bond funds
Aug 7 2014, 04:40 ET
- U.S. District Judge Thomas Griesa has ordered that BNY Mellon (NYSE:BK) still hold on to the $539M of Argentine money designated to go to the holders of the country's restructured bonds.
- Despite its default, Argentina has threatened BNY Mellon over not disbursing the funds stating that the bank is violating its duties as a trustee.
- According to the U.N.'s body for Latin America, Argentina's GDP is expected to shrink this year, as fallout from the debt crisis keeps the region's No. 3 economy barred from foreign debt markets.
- ETFs: ARGT
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