Thursday, July 14, 2011

Germany Facing Lawsuit Over Decades-Old Bond Default

World Holdings filed an amended complaint in the case on June 3, 2008, in federal court in Miami to obtain payment on U.S. Gold bearer bonds, known as Dawes Bonds and Young Bonds, that Germany issued to thousands of individual American and other investors in 1924 and 1930. The bonds were bearer bonds sold in the United States, traded on the New York Stock Exchange and backed by the full faith and credit of Germany.

World Holdings currently owns or controls a large number of Dawes and Young Bonds sold to U.S. purchasers and is charging Germany with breach of contract based on the country's alleged default of its obligation to pay the outstanding principal and accrued interest on these bonds.

The lawsuit seeks damages in the amount of outstanding principal and accrued interest.

(From: MT. PLEASANT, South Carolina, August 12, 2010 /PRNewswire/)

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