Scotiabank drops US$600mn lawsuit against government from 2002 crisis

Tuesday, July 26, 2011

Canada's Scotiabank (NYSE: BNS) has relinquished a claim against Argentina's government seeking more than US$600mn in compensation, after reaching an agreement with the country's finance ministry and central bank BCRA, the latter said in a press release.

Scotiabank presented a notice of arbitration filed in April 2005 before the United Nations Commission on International Trade Law (UNCITRAL) for losses incurred following the 2002 financial crisis, which prompted the bank to exit Argentina's market.

The Canadian bank was one of the first foreign banks to leave Argentina due to the crisis.

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