Miami, FL (PRWEB) June 8, 2010
Eight plaintiff class-action groups holding defaulted Argentine bonds obtained a key ruling from U.S. District Court Judge Thomas P. Griesa in the long-running $2.43 billion case (Case 1:04-cv-00936-TPG). On May 20, Judge Griesa accepted Argentina’s declaration that, contrary to the terms it presented to the Securities and Exchange Commission (SEC) for its planned bond exchange, it will not change the terms of the exchange once the bondholders tender their bonds.
“Now, any class member who wishes to enter into the bond exchange can do so with the certainty that Argentina gave up the right to reduce the terms of the offering,” said plaintiff’s attorney Guillermo Gleizer (http://www.diazreus.com/attorneys-228.html) of Diaz Reus, an international law firm with offices in Miami and New York.
In early 2004, the bondholders took legal action against the Republic of Argentina seeking payment on eight separate series of defaulted global bonds and accumulated interest, and in 2009 won a series of judgments that cumulatively total $2.43 billion plus interest.
“Our goal in court was to ensure that the Republic of Argentina treated all bondholders equally – not to halt the bond exchange,” said Michael Diaz (http://www.diazreus.com/attorneys-michael-diaz-jr-international-iltigation.html), cofounder and partner of Diaz Reus. “With this ruling, the bond exchange can now go forward in a fair and impartial manner. Judge Griesa has successfully balanced the rights of property holders to accept the exchange offer with the rights of class members to be protected from changes in those terms.” Republic of Argentina treated all bondholders equally – not to halt the bond exchange,” said Michael Diaz, cofounder and partner of Diaz Reus. “With this ruling, the bond exchange can now go forward in a fair and impartial manner. Judge Griesa has successfully balanced the rights of property holders to accept the exchange offer with the rights of class members to be protected from changes in those terms.”
Miami-based Diaz Reus (http://www.diazreus.com/about.html) is a full-service international law firm focusing on trade and business transactions, complex commercial, civil, and criminal litigation and arbitration matters. The firm’s lawyers have been recognized as legal leaders, earning the Martindale-Hubbell AV rating, listed in the Bar Register of Preeminent Lawyers, named to Florida Super Lawyers and Strathmore’s Who’s Who, selected Finalist by the Daily Business Review for Most Effective Lawyer Award, noted among Legal High Flyers by Asian Legal Business Magazine, and more.
Diaz Rues & Targ is also a member of the International Society of Primerus Law Firms (Primerus). Primerus (http://www.primerus.com/firms/diaz_reus_targ.htm) is the leading alliance of small and medium sized, top-rated, independent firms. With over 150 law firms located in the U.S., Canada, Mexico and the U.K., Primerus firms (http://www.primerus.com/membership_benefits.htm) provide clients with responsive, high quality, partner-level service for much less than what large law firms charge. All Primerus law firms are: AV- rated using the Martindale-Hubbell peer review service; screened for excellence; and audited annually for continued quality.
# # #