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July 25, 2014
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US backs Argentina in US courts

The US government filed an amicus curiae or friend-of-the-court brief to support Argentina’s case at the US Supreme Court in the country’s legal battle against hedge funds, Télam state news agency reported yesterday. The US government reportedly said in its presentation that it has a “substantial interest in the correct interpretation and application” of the Sovereign Immunity Law and in how foreign governments are treated in US courts. Last month, the government filed a petition seeking the US Supreme Court review of a court order requiring it to pay US$1.33 billion to bondholders who refused to take part in two previous debt restructurings. The US government has previously filed amicus briefs in support of Argentina in lower courts. The IMF has also weighed in on the case, saying that the result would have major implications for how future sovereign debt is restructured.
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