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'Don't feed the vultures' say campaigners with cake sale stunt [UK]

Author: Ekklesia [UK], Published on: 24 February 2010

Global poverty campaigners staged a 'charity cake sale' this morning outside the London offices of…[Dechert LLP] which represents ‘vulture funds’. The stunt…was intended to raise money to help wean the company “off the unprincipled money they make through vulture cases”. Vulture funds…seek to profit by buying distressed debt belonging to companies or countries on the secondary market at a steep discount, then seeking to make a profit by claiming back the original debt and more…Parliament is due to vote on legislation to curb the ability of vulture funds to sue through the British courts. Last November, Dechert represented two funds in the High Court…, winning a $20 million award against Liberia, one of the poorest countries in the world. Dechert opposed [the legislation], on behalf of several hedge funds, telling a Government consultation that legislation would be “unfair” and “unprincipled”. Nick Dearden, Director of Jubilee Debt Campaign said:…"Vulture funds are anathema to anyone interested in fighting global poverty, and making money from vulture cases is shameful behaviour.” [also refers to Dechert clients Elliott Associates, Kensington International, NML] [Business & Human Rights Resource Centre invited Dechert to respond, but it declined]

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Related companies: Dechert Elliott Management