- Associated Press - Thursday, September 18, 2014

NEW YORK (AP) — Judges on a federal appeals panel in New York say they suspect Argentina has gone rogue, ignoring court orders and bullying a U.S. bank to try to prevent it from obeying a court order.

The 2nd U.S. Circuit Court of Appeals judges commented as they heard arguments Thursday from lawyers arguing whether Citibank should process some of Argentina’s payments to bondholders in two weeks. A New York judge has banned the bank’s branch in Argentina from processing the payments until U.S. hedge funds are paid the $1.5 billion they have in judgments against the South American nation.

Judge Reena Raggi said Argentina was in effect holding a gun to the head of Citibank by threatening it might be subject to criminal laws.

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