NEW YORK • A U.S. appeals court dealt Argentina a blow Friday in the lengthy legal battle over the country’s massive 2001 default, upholding a ruling ordering it to pay $1.4 billion to bondholders.
The decision by the 2nd U.S. Circuit Court of Appeals in Manhattan stayed the payment order so that Argentina could file an expected appeal to the U.S. Supreme Court.
The decision “affirms a proposition essential to the integrity of the capital markets: borrowers and lenders may, under New York law, n...
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