NEW YORK, (Reuters) – Argentina has reached a deal with lawyers pursuing a U.S. class action lawsuit over defaulted debt to resolve the case, as part of the country’s efforts to settle long-running litigation over its 2002 default, a court-appointed mediator said yesterday.
Daniel Pollack, a New York lawyer overseeing the settlement talks, said the agreement in principle “fit within the numerics” of Argentina’s proposed offer earlier this month to resolve various lawsuits by holders of defaulted bonds.
Exactly how many bondholders are covered by the class action settlement would be known in several weeks, Pollack said. Those who do participate would receive 100 percent of the principal owed and 50 percent of the interest on that principal, he said.
