In 1999, a vulture fund called Donegal International bought a debt owed by Zambia for a knock-down price of $3.3 million. The debt was originally worth $15 million, but was valued at about $30 million.
Six years later, Zambia's debt was cancelled and the country began saving $40 million a year by not having to repay loans to the World Bank and International Monetary Fund.
Donegal sued Zambia for the full amount, plus what they claim to be interest and costs, resulting in a staggering total of over $55 million. On February 15, 2007, a London court rejected the size of Donegal's claim, but said that under law it is still entitled to something from Zambia. In April 2007, the court ruled that Zambia must pay $15.4 million plus a share of legal costs to Donegal International.