The Republic of Ecuador is the official name of the country in South America. According to the Complaint, Plaintiffs bring this action on behalf of a class of bondholders against Ecuador (the Defendant) 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.