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UK bans "vulture funds", investment firms that buy poor countries' debts then sue to recover full amount

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8 April 2010

Landmark Law Passed to Tackle Vulture Funds

Author: Jubilee Debt Campaign

UK becomes first country to ban ‘Third World Debt’ profiteering in final hours of Parliamentary session. A landmark bill to protect the poorest countries in the world from profiteering by so-called vulture funds became law today after passing in the House of Lords during the ‘wash-up’ at the end of the Parliamentary session. Jubilee Debt Campaign welcomed the successful passage of the Debt Relief (Developing Countries) Bill.

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8 April 2010

UK stops 'vulture funds' picking on poor

Author: Meirion Jones, BBC Newsnight

Britain's parliament has voted to ban so-called "vulture funds" which profiteer from third world debts. Vulture funds buy up a poor nation's debt at knockdown prices, before going to court to recover the full amount...[O]ne of [the law's] first effects will be to block a fund collecting £12m from Liberia for a debt dating from 1978...Nick Dearden of the Jubilee Debt Campaign said of the change: "It will mean the poorest countries in the world can no longer be attacked by these reprehensible investment funds who grow fat from the misery of others."...[I]n 2007, a BBC investigation revealed that an American, Michael Sheehan...was profiteering from the deal to write off third world debt. [includes video]

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