UPDATE 1-U.S. appeals court narrows debt claims against Argentina
(Updates with details on case, comment from lawyers for Argentina and plaintiffs)
By Nate Raymond and Joseph Ax
NEW YORK Aug 10 (Reuters) - Argentina on Monday won the reversal of a U.S. judge's ruling that a group of bondholders suing over its defaulted debt said entitled them to $700 million.
The 2nd U.S. Circuit Court of Appeals in New York ruled that U.S. District Judge Thomas Griesa had improperly expanded a class of bondholders who were seeking repayment following the country's $100 billion default in 2002.
Circuit Judge Chester Straub, writing for a three-judge panel, said Griesa must return to a narrower definition of the class, limited to those who have continuously held the eight series of bonds in question, and to hold a hearing to determine the proper amount of damages.
Carmine Boccuzzi, Argentina's lawyer, welcomed the ruling, saying the plaintiffs had "repeatedly failed to prove their alleged damages and are not entitled to the overstated judgments" they have sought in court.
Jennifer Scullion, the plaintiffs' lawyer, declined comment.
The ruling marked the latest development in long-running litigation by creditors seeking full repayment on Argentine bonds following its 2002 default.
The country defaulted again in July 2014 after refusing to honor court orders to pay $1.33 billion plus interest to hedge funds including Elliott Management's NML Capital Ltd suing for full payment on its defaulted bonds. Continuación...