Finally, there is still a case pending in Belgium, where investors have sued BNY Mellon Brussels and Euroclear Bank in Belgium in an attempt to receive payments. A hearing is expected sometime in 2015.

Argentina

During last week there were number of developments in relation to Argentine debts:

·         On 3 November, Special Master, who was previously appointed to facilitate resolution between the government and group of holdout creditors, was granted broader authority by US District Judge to structure negotiations over “some or all” suits regarding defaulted Argentine bonds.

·         The hearing was held in UK High Court on Monday, during which a group of investors, including several large hedge funds, appealed to unfreeze €225m deposited by Argentina in the BNY Mellon. The request is yet another step in litigations over euro-denominated bonds governed by English law, where creditors are claiming that US court ruling to block Argentina’s funds has no authority with regards overseas securities. The case comes shortly after a group of Italian investors wasn’t able to secure court approval to retrieve interest payments deposited by Argentina in BNY Mellon. Finally, there is still a case pending in Belgium, where investors have sued BNY Mellon Brussels and Euroclear Bank in Belgium in an attempt to receive payments. A hearing is expected sometime in 2015.

·         Argentina announced that more than 25 “me-too” lawsuits were filed by holders of $4.7bn defaulted bonds since June, many of which have already won the judgments.