Proskauer Rose LLP Announces Proposed Settlement of Defaulted Argentine Sovereign Bond Class Action
NEW YORK, July 1, 2016 /PRNewswire/ -- The following statement is being issued by Proskauer Rose LLP regarding the proposed settlement of Defaulted Argentine Sovereign Bond Class Action:
LEGAL NOTICE
ATTENTION: IF YOU HAVE CONTINUOUSLY HELD DEFAULTED ARGENTINE SOVEREIGN BONDS SINCE AT LEAST 2004, YOU MAY BE ELIGIBLE TO CLAIM A SETTLEMENT PAYMENT.
This is a Summary Notice of a settlement agreement concerning classes of bondholders who have continuously held one or more of the following eight Argentine sovereign bonds since at least the Start Date shown in the following chart until today:
Description |
ISIN Number |
Start Date |
|
Argentina 11% Notes due 10/9/06 |
US040114AN02 |
January 16, 2004 |
|
Argentina 7% Notes due 12/19/08 |
US040114GF14 |
January 16, 2004 |
|
Argentina 9.75% Notes Due 9/19/27 |
US040114AV28 |
January 22, 2004 |
|
Argentina 11.75% Notes Due 6/15/15 |
US040114GA27 |
February 4, 2004 |
|
Argentina 11% Notes Due 12/5/05 |
US040114AZ32 |
February 4, 2004 |
|
Argentina 8.375% Notes Due 12/20/03 |
US040114AH34 |
February 10, 2004 |
|
Argentina 12.375% Notes Due 2/21/12 |
US040114GD65 |
March 17, 2004 |
|
Argentina Floating Rate L+0.8125 Notes Due 3/05 |
XS0043120582 |
March 17, 2004 |
The United States District Court (Judge Griesa) certified classes of certain bondholders for the above bonds in 2005. Now there is a proposed settlement between the classes and Argentina. Bondholders that qualify as class members and send the required forms and information by the claims deadline will be paid a settlement amount (150% of the outstanding principal of their bonds, minus attorneys' fees and/or expenses that the Court may approve).
The United States District Court authorized this Summary Notice. The Court will have a hearing on November 10, 2016 to consider whether to approve the settlement and award attorneys' fees and/or expenses to Class Counsel. This Summary Notice generally describes the proposed settlement and the process to submit a claim for payment or to object to the settlement or to the proposed attorneys' fees and/or expenses. Additional information about the proposed settlement and the claim and objection process is available at www.argentinabondclasses.com.
Who Is Affected?
If you (or members of your immediate family) have continuously held any of the Bonds in the chart from the Start Date to today, you are part of the classes unless (1) you have been a party to your own legal proceedings against Argentina in connection with the Bonds or (2) you have otherwise opted out from the classes. All class members are eligible for a settlement payment if they send the required documents by the claim deadline and tender the Bonds on the date to exchange for the settlement payment. If the Court approves the settlement, Argentina will be released from liability on the Bonds held by any class member, even if the class member does not make a claim for a settlement payment. The deadline to "opt out" from the classes was in 2006. The Court may also decide to allow a new period for "opt outs." If the Court permits such "opt outs," the Class and Class Counsel may seek to recover fees, costs, and expenses from the opt outs based on the benefits they have received as a result of being part of the classes to date.
What Can You Get from the Settlement?
Class members who make a timely and valid claim will be paid 150% of the outstanding principal amount of their Bonds, minus a portion of any attorneys' fees and/or expenses that the Court may approve for Class Counsel.
How Do You Get a Payment?
A detailed Notice and Claim Form contains everything you need. Go to www.argentinabondclasses.com to get the information. Claim Forms are due by September 1, 2016. You will need proof, such as an account statement, that you or a family member has held the Bonds continuously from the Start Date. You will be able to remove private account numbers. When the date comes to exchange Bonds for settlement payments, you will need to transfer the Bonds to an escrow account that will be arranged for you and other settling class members.
What are Your Options?
If you want to claim a settlement payment, you must submit a valid Claim Form and documentation by September 1, 2016. A final proposal to approve the settlement and to approve attorneys' fees and expenses for Class Counsel will be filed on October 1, 2016 and will be available for review at www.argentinabondclasses.com. If you want to object to the settlement or to proposed attorneys' fees or expenses, you will need to file an objection by October 21, 2016. You can file an objection even if you also file a Claim Form to preserve your right to payment. The Court will hold a hearing on the proposed settlement on November 10, 2016. If you want to be heard at the hearing, you must submit a Notice of Intent to Appear by October 21, 2016. If you do nothing and the Court approves the settlement, you will not receive payment and you will not be able to sue Argentina on the Bonds. Detailed information about these dates and procedures is available at www.argentinabondclasses.com. You can also call 1-844-857-5164 or write to [email protected] for more information.
SOURCE Proskauer Rose LLP
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