A creditor filed a proposed class action in the Manhattan federal court to force Venezuela to make good on $1.5 billion worth of defaulted government bonds.

Counseled by Duane Morris, Sabine Zahn argued the Latin American country breached the terms of the bonds when it stopped making the semiannual 9.375% interest payments and failed to repay the principal when the loans matured.

The bonds “were duly issued by the [Bolivarian Republic of Venezuela] and are valid and unconditional obligations,” according to the complaint filed on Thursday.

The bonds, according to the complaint, were issued in 2004 under an agreement between Venezuela, its national bank, the Banco Central de Venezuela and NY Mellon Global Corporate Trust. The bonds were initially scheduled to mature in January 2034, but creditors accelerated the maturation date to December 2018, after Venezuela—roiled by hyperinflation—stopped paying interest on external debts.

Holding a $10,000 interest in the bonds, Zahn brought the breach of contract suit on behalf of a proposed class of creditors who hold interests in the 2004 loans as of Dec. 5.

Representatives for Zahn and Venezuela’s Ministry of Finance and Economy didn’t respond to Friday requests for comment.

The suit was filed in the U.S. District Court for the Southern District of New York, one of the many forums that holders of Venezuelan securities have turned to following the crash of the country’s economy.

In 2021, U.S. District Judge Analisa Torres entered a default judgment against Venezuela for missing payments on $1.2 billion in bonds held by entities managed by Pharo Management. Another dispute saw the court’s U.S. District Judge Katherine Polk Failla upholding the validity of Venezuelan bonds that were backed by PDVSA, Venezuela’s state-owned oil company. The Second Circuit later vacated Failla’s ruling.

The mounting litigation has also ensnared Citgo, PDVSA’s U.S. refiner that is widely considered Venezuela’s “foreign crown jewel,” with the Delaware federal court overseeing the auction of Citgo’s parent company to satisfy Venezuela’s debts.