Several funds, such as Knighthead Capital Management (NLY), Redwood Capital Management (RWCB), VR Global Partners, Silver Point Capital, Perry Capital, Monarch Master Funding, Centerbridge Partners, Quintessence Fund and QVT Fund, holding Argentine restructured bonds, are suing Euroclear and Bank of New York Mellon Corp. claiming the trustees haven’t complied with their terms of the agreement; they argue the payment made to a BNY (Luxembourg) account at Central Bank of Argentina should be sent to a Belgian entity in Frankfurt and to European clearinghouses without a New York judge’s intervention. However, BNY Mellon turned to a judge for guidance on how to handle a $539 million payment destined for bondholders by Argentina.

Kevin Heine, spokesman for BNY Mellon, refused to comment on the cases, as did lawyer Christopher Clark of the law firm Latham and Watkins and Euroclear spokesman Martin Gregson.

U.S. District Judge Thomas Griesa ordered the reimbursement of the $539m received from Argentina and holders of Argentina Eurobonds requested an emergency ruling to recover the money from a payment the judge had previously blocked.

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