Yordanes v. Bank of Nova Scotia
- In 2001, the economy in Argentina collapsed, causing Scotia Bank Quilmes (“Quilmes”), a subsidiary of the Bank of Nova Scotia, to file for bankruptcy. Charney Lawyers was retained by a number of Argentine bondholders who had purchased bonds issued by Quilmes. Charney commenced an international securities class action lawsuit against Scotia Bank in Toronto to recover approximately 150 million U.S. owed by Scotia Bank Quilmes to the bondholders. The lawsuit was ultimately resolved in 2006*.
- The bondholders recovered fifty cents on the dollar through a distribution made by Scotia Bank in parallel bankruptcy proceedings in Argentina. Largest percentage recovery from a bankrupt issuer in Argentine history.
- * In accordance with standard practices on out of court settlements, the terms of the out of court resolutions are confidential where the parties so stipulate. The fact of the settlement is not.
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