NZ Superannuation Fund joins legal action against Portugal's central bank, writes off loan exposure

Thu, 19 Feb 2015

By Fiona Rotherham Feb. 19 (BusinessDesk) - The New Zealand Superannuation Fund is one of eight investors taking legal action against the Bank of Portugal after it was forced to write off a US$150 million exposure to a loan arranged by Goldman Sachs. The fund, Goldman Sachs and other noteholders are taking action in the Portugese courts seeking to overturn a December decision by the country’s central bank to unexpectedly reverse the fate of an US$825 million Oak Finance loan made to Banco Espirito Santo weeks before the Portugese lender c...

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