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[NEW YORK] A US judge on Friday ruled that Argentina must pay US$5.4 billion to more than 500 "me-too" holders of defaulted debt before it can pay the majority of its creditors, in another legal defeat for the South American country.
The decision from US District Judge Thomas Griesa in New York is the latest development in long-running litigation by creditors seeking full repayment on Argentina's bonds following its US$100 billion default in 2002.
Argentina again fell into default in July 2014 after refusing to honor Griesa's orders to pay those debtholders US$1.33 billion plus interest before paying other creditors.