Argentina reaches settlement in U.S. debt class action :mediator

U.S.-court appointed mediator Daniel Pollack exits his midtown Manhattan office after a meeting on Argentina's debt crisis, in New York February 4, 2016. REUTERS/Brendan McDermidThomson ReutersU.S.-court appointed mediator Daniel Pollack exits his office after a meeting on Argentina’s debt crisis, in New York

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 Tuesday.

Daniel Pollack, a New York lawyer overseeing the settlement talks, said the agreement in principle “fit within the numerics” of Argentina’s offer earlier this month to pay $6.5 billion to resolve various lawsuits by holders of defaulted bonds.

Pollack said exactly how many bondholders are covered by the class action settlement would be known in several weeks. Under the deal, creditors who participate would receive 100 percent of the principal owed and 50 percent of the interest on that principal, he said.

(Reporting by Nate Raymond in New York; Editing by Bernard Orr)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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