Don’t Cry for Me Argentine Bondholders: Argentina Seeks Supreme Court Review

Argentina filed a petition for writ of certiorari in US Supreme Court: what Argentina wants, when the Supreme Court will answer, and whether or not Argentina will get its day in the high Court.

On June 24, the Republic of Argentina filed a petition for a writ of certiorari in the US Supreme Court asking the high Court to review the October 26, 2012 decision of the US Court of Appeals for the Second Circuit in NML v. Argentina. As previously reported, the Second Circuit’s decision interpreted the pari passu clause to require equal treatment of Holdout and Exchange Bondholders. It also held that injunctions mandating ratable payments to the Holdout Bondholders before or concurrent with payments to the Exchange Bondholders did not violate the Foreign Sovereign Immunities Act (“FSIA”) (28 U.S.C. 1330, 1332(a), 1391(f), 1601-1611). Argentina’s petition, the Second Circuit’s decision, our previous client notes, and key documents and oral arguments are all on our Argentine Sovereign Debt website below.

Please see full memo below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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