JP Morgan Chase in court over Argentine credit derivatives

The suit, which has been filed in the United States court for the Southern District of New York, argues Argentina’s December restructuring of debt represented a credit event and, “Morgan became obligated to settle the credit swaps by paying Eternity $14 million in exchange for Argentine bonds worth a fraction of that amount”.

Early in December, Argentina required local investors to swap $50 billion of 11% and 12% bonds for new securities yielding only 7%. The government planned to require

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