After more than nine years of litigation and a total of three appeals, Joseph Neuhaus of Sullivan & Cromwell secured an appellate victory this week that cleared Argentina’s central bank from having to cover more than $2 billion in defaulted Argentinian bond debt.
With a ruling on Monday, the U.S. Court of Appeals for the Second Circuit sided with Neuhaus and his longtime client, Banco Central de la Republica Argentina (BCRA), against investment funds EM Ltd. and NML Capital Ltd., and their lawyers, Gibson, Dunn & Crutcher’s Theodore Olson and Debevoise & Plimpton’s David W. Rivkin. The appeals court ruling reversed a district judge in Manhattan who had allowed the funds to try to hold BCRA liable for some of Argentina’s bond debt. The Second Circuit ordered the lower court to dismiss the funds’ complaint against BCRA with prejudice.
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