Legal Opinion
EM Ltd. v. Banco Central de la República Argentina
Court of Appeals for the Second Circuit
Decided August 31, 2015No. 13-3819-cv (L), 13-3821-cv (CON)PublishedCited by 27 opinions
1Opinion of the Court
JOSÉ A. CABRANES, Circuit Judge:
In December 2001, in the midst of a severe financial crisis, the Republic of Argentina (“Argentina” or “the Republic”) declared a moratorium on principal and interest payments for more than $80 billion in sovereign debt, including bonds that were issued under a Fiscal Agency Agreement (“FAA”). Pursuant to two “exchange offers” in 2005 and 2010, Argentina “restructured” over 91% of the then-existing FAA bonds. 1
Plaintiffs-appellees EM Ltd. (“EM”) and NML Capital, Ltd. (“NML”) (jointly, “plaintiffs”) owu FAA bonds that were not restructured. Since 2001, Argentina…
2Cases cited37 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- Mitchell v. ForsythSupreme Court of the United States · 1985
- Coopers & Lybrand v. LivesaySupreme Court of the United States · 1978
- Johnson v. JonesSupreme Court of the United States · 1995
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3Cited by27 opinions
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- Crystallex Int'l Corp. v. Bolivarian Republic De Venezuela (In Re De Venezuela)Court of Appeals for the Third Circuit · 2019
- Arch Trading Corp. v. Republic of EcuadorCourt of Appeals for the Second Circuit · 2016
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