Brattle Clients Awarded €1.33 billion in GDP-Linked Securities Dispute with Argentina

A Brattle team, led by Principal Richard Caldwell, worked on behalf of plaintiffs in Palladian Partners LP and others v. The Republic of Argentina and another, a lawsuit – filed in London’s High Court in 2019 – concerning Argentine GDP-linked securities. In April 2023, a London High Court judge ordered Argentina to pay €1.33 billion plus interest to bondholders.

The lawsuit involved euro-denominated securities that were issued by Argentina in 2005 and 2010 and governed by a contract between the South American country and four institutional and corporate investors: Palladian Partners LP, HBK Master Fund LP, Hirsh Group LLC, and Virtual Emerald. The funds alleged that Argentina rebased published GDP in order to avoid paying extra sums dependent on the country’s GDP growth.

Quinn Emanuel Urquhart & Sullivan retained Brattle on behalf of the plaintiffs, and the Brattle team provided analyses concerning the provisions in the securities and the interest owed to bondholders. Mr. Caldwell testified at trial.

To learn more, read Brattle’s full case highlight.