Hagens Berman Sobol Shapiro LLP Announces Proposed Settlement of Defaulted Argentine Sovereign Bond Class Action

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Jul 01, 2016, 04:20 ET

NEW YORK, July 1, 2016 /PRNewswire/ -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP regarding the proposed settlement of Defaulted Argentine Sovereign Bond Class Action:

LEGAL NOTICE

ATTENTION: IF YOU HAVE CONTINUOUSLY HELD DEFAULTED ARGENTINE SOVEREIGN BOND WITH ISIN XS 0113833510 SINCE AT LEAST DECEMBER 2006, YOU MAY BE ELIGIBLE TO CLAIM A SETTLEMENT PAYMENT.

This is a Summary Notice of a settlement agreement concerning a class of bondholders who have continuously held a bond issued by the Republic of Argentina, with ISIN XS 0113833510, due July 20, 2004, and a coupon rate of 9.25% (the "Bond").

The United States District Court (Judge Griesa) certified a class of Bond holders in 2011. Now there is a proposed settlement between the class and Argentina. Bond holders that qualify as a Class member and send the required forms and information by the claims deadline will be paid a settlement amount (150% of the outstanding principal of their Bond, 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 the Bond since December 19, 2006 to today, you are part of the class unless (1) you have been a party to your own legal proceedings against Argentina in connection with the Bond or (2) you have otherwise opted out from the class. All class members are eligible for a settlement payment if they send the required documents by the claim deadline and tender the Bond on the date to exchange for the settlement payment. If the Court approves the settlement, Argentina will be released from liability on the Bond 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 class was in 2011. 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 class 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 Bond, 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 Bond continuously from December 19, 2006. You will be able to remove private account numbers. When the date comes to exchange Bond for a settlement payment, you will need to transfer the Bond 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 Settlement 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 Bond. 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.