Hagens Berman, a nationwide class-action law firm, today announced that a judge has certified and ordered notice be given to the class in a case against the Republic of Argentina.

Hagens Berman’s case, filed on December 19, 2006 in the United States District Court for the Southern District of New York, is one of only a few to receive class certification. Bondholders brought the case after Argentina declared a moratorium on foreign debt on December 23, 2001, and allegedly failed to pay its debts. Hagens Berman’s filed complaint asserts that Argentina’s actions constitute a default of the bond agreement between the government and bondholders.

On March 27, 2009, Judge Thomas P. Griesa granted certification to a class of bondholders, allowing the case to move forward as a class action. According to the court’s latest ruling, issued June 6, 2011, the class has been amended to include all bondholders who purchased interests prior to December 19, 2006 and have not participated in the exchange offers previously made by Argentina.

In the coming weeks, all individuals who are believed to be part of the class will be notified of their rights.

According to the lawsuit, Argentina had issued approximately $88 billion in debt as of December 23, 2001, but stopped making payments after declaring a moratorium on foreign debt.

If the court finds that the Argentine government illegally defaulted on the bonds, its commercial assets in the United States, including bank accounts and state-owned companies, could be seized and used to compensate class members.

More about the case can be found at http://hbsslaw.com/cases/argentine-bonds.

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About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with offices in nine cities. The firm has been named to the National Law Journal’s Plaintiffs’ Hot List seven times. More about the law firm and its successes can be found at www.hbsslaw.com. Follow the firm for updates and news at@ClassActionLaw.

Contact
Ashley Klann
[email protected]
206-268-9363