WSJ – Gramercy Funds Management says country violated trade agreement with U.S. Gramercy Funds Management LLC said Thursday that it has filed a $1.6 billion claim against Peru over a dispute related to decades-old land bonds.

The Connecticut hedge fund said in a statement that Peru violated its trade agreement with the U.S., which came into force in 2009, by indirectly expropriating its investment in the land bonds.

“For several years, Gramercy has attempted to engage in negotiations with the Peruvian government to find a solution for the land bond debt,” the hedge fund said in a statement. “The government has consistently declined to enter into serious discussions on this matter, leading Gramercy to file the arbitration.”

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