Argentina challenges US court rulings on debt at world court

MarketsAssociated Press

The International Court of Justice says it has received a filing from Argentina seeking to have the court hear a complaint by Argentina about U.S. court rulings on its sovereign debt restructuring.

U.S. courts have ruled that Argentina must pay in full "holdout" bondholders who did not participate in a restructuring of the country's debt after a default in 2001.

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The court said Argentina's application asserted that the U.S. rulings amounted to a violation of its sovereignty.

The ICJ, often referred to as the 'world court,' is the United Nations' court for resolving disputes between nations.

The court said Argentina has sent the U.S. government a letter asking it to accept the court's jurisdiction.

Unless the U.S. agrees, the court will not have jurisdiction and the case will not proceed.