Argentina added the U.S. government as an ally last week in its sprawling litigation over roughly $3 billion held by its central bank. The U.S. Department of Justice filed an amicus brief backing Argentina’s appeal of a district court ruling that the Foreign Sovereign Immunities Act does not protect $105 million held by the central bank at the Federal Reserve Bank of New York from seizure by two vulture investment funds.
These funds and other bondholders have won more than $550 million in judgments against Argentina, but those awards have been frozen by court orders. Bondholders that refused to accept deals the country made with creditors in 2005 and 2010 have been slugging it out with Argentina’s lawyers at Cleary, Gottlieb, Steen & Hamilton over access to the funds ever since, with little success.
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