The Traderszone Network

Published in TZ Latest News 3 July, 2014 by The TZ Newswire Staff

BNY Mellon asks judge: What should we do with Argentina’s money?

Bank of New York Mellon, fearful of being sued by Argentine bondholders and unwilling to defy a court order blocking their coupon payments, will seek guidance from U.S. Judge Thomas Griesa on what to do with the money, a source said on Wednesday. “Following an exchange of letters today, the court asked BNY Mellon to make a formal motion asking for clarification on what actions it should take with the money that the government deposited in its account at the Central Bank of Argentina last week,” said a source with direct knowledge of the situation.

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