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The Republic of Ecuador

Case Summary

The Republic of Ecuador Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 08/17/2020 (Date of last review)

Filing Date: July 29, 2020

According to the Complaint, Plaintiffs bring this action on behalf of a class of bondholders against Defendant Republic of Ecuador for violations of the federal securities laws arising from a tender offer for $17.4 billion of the Republic’s outstanding bonds. The Complaint alleges that Defendant made materially false and misleading statements in a press release on July 27, 2020 and in the underlying transaction documents. The tender offer expires on Friday, July 31, less than two weeks after it was commenced.

The Complaint alleges that if the the tender offer is permitted to go forward on the basis of the Republic’s false and misleading statements, Plaintiffs will be irreparably harmed.

On August 14, 2020, the parties notified the Court that they had reached an Agreement in Principle to settle the case.

Company & Securities Information

Defendant: The Republic of Ecuador

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: Ecuador

SECURITIES INFORMATION:

Ticker Symbol: N/A
Company Market: Other Foreign
Market Status: N/A

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Contrarian Emerging Markets, L.P., et al. v. The Republic of Ecuador, et al.

COURT: S.D. New York
DOCKET #: 20-CV-05890
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 07/29/2020
CLASS PERIOD START: 07/20/2020
CLASS PERIOD END: 07/30/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Latham & Watkins LLP
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint 07/29/2020
2 [Letter] 08/14/2020
3 U.S. District Court Civil Docket 08/17/2020
4 Order 08/17/2020

Reference Complaint

—Reference Complaint Complaint Related Data is not available

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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