Em Ltd. v. The Republic of Argentina

The Republic of Argentina (“Argentina”) contests the right of its bondholder, EM Ltd. (“EM”), to collect the amount due on defaulted bonds in United States dollars rather than Argentine pesos, which are significantly devalued in relation to the dollar. There is no question that Argentina defaulted on the bonds or that EM has declared due the principal amount it is owed. Rather, the parties take differing views as to whether the bond certificates and Fiscal Agency Agreement (collectively “the bond documents”) require EM to collect what it is owed in pesos, thereby receiving a substantially…