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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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Curbing ‘Vulture Fund’ Litigation

Curbing ‘Vulture Fund’ Litigation

Chapter:
(p.498) 26 Curbing ‘Vulture Fund’ Litigation
Source:
Sovereign Debt and Human Rights
Author(s):

Cephas Lumina

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0027

The lack of an international legal framework for the restructuring of sovereign debt, and the voluntary nature of current international debt restructuring initiatives have created opportunities for predatory private commercial entities—called ‘vulture funds’—to acquire defaulted sovereign debts at substantial discounts, refuse to participate in debt restructurings and aggressively pursue repayment of the full face value of the debt through litigation, often in multiple jurisdictions. This chapter discusses current official initiatives designed to curb vulture fund litigation and proposes a rethink of the doctrine of sovereign immunity as a key measure to curb the predatory behaviour of ‘vulture funds’. It also discusses the impact of the activities of these 'vulture funds’ on the realisation of human rights, particularly in developing countries, as well other consequences for the countries targeted by ‘vulture funds’

Keywords:   Defaulted sovereign debt, debt restructuring, secondary debt market, vulture funds, sovereign immunity, Liberia, Democratic Republic of the Congo

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