NML CAPITAL, LTD. v. REPUBLIC OF ARGENTINA

Docket Nos. 12-105(L), 12-109(CON), 12-111(CON), 12-157(CON), 12-158(CON), 12-163(CON), 12-164(CON), 12-170(CON), 12-176(CON), 12-185(CON), 12-189(CON), 12-214(CON), 12-909(CON), 12-914(CON), 12-916(CON), 12-919(CON), 12-920(CON), 12-923(CON), 12-924(CON), 12-926(CON), 12-939(CON), 12-943(CON), 12-951(CON), 12-968(CON), 12-971(CON).

699 F.3d 246 (2012)

NML CAPITAL, LTD., Aurelius Capital Master, Ltd., ACP Master, Ltd., Blue Angel Capital I LLC, Aurelius Opportunities Fund II, LLC, Pablo Alberto Varela, Lila Ines Burgueno, Mirta Susana Dieguez, Maria Evangelina Carballo, Leandro Daniel Pomilio, Susana Aquerreta, Maria Elena Corral, Teresa Munoz De Corral, Norma Elsa Lavorato, Carmen Irma Lavorato, Cesar Ruben Vazquez, Norma Haydee Gines, Marta Azucena Vazquez, Olifant Fund, Ltd., Plaintiffs-Appellees, v. The REPUBLIC OF ARGENTINA, Defendant-Appellant.

United States Court of Appeals, Second Circuit.

Decided: October 26, 2012.


Attorney(s) appearing for the Case

Theodore B. Olson ( Matthew D. McGill , Jason J. Mendro , on the briefs), Gibson, Dunn & Crutcher LLP, Washington, D.C.; Robert A. Cohen , Charles I. Poret , Eric C. Kirsch , Dechert LLP, New York, N.Y., for Plaintiff-Appellee NML Capital, Ltd.

Stephen D. Poss , Robert D. Carroll , Goodwin Procter LLP, Boston, Mass., for Plaintiff-Appellee Olifant Fund, Ltd.

Michael C. Spencer , Milberg LLP, New York, N.Y., for Plaintiffs-Appellees Pablo Alberto Varela, et al.

Edward A. Friedman , Daniel B. Rapport , Friedman Kaplan Seiler & Adelman LLP, New York, N.Y.; Jeffrey A. Lamken , MoloLamken LLP, Washington, D.C., for Plaintiffs-Appellees Aurelius Capital Master, Ltd., ACP Master, Ltd., Blue Angel Capital I LLC, and Aurelius Opportunities Master Fund II, LLC.

Jonathan I. Blackman ( Carmine D. Boccuzzi , Sara A. Sanchez , Michael M. Brennan , on the brief), Cleary Gottlieb Steen & Hamilton LLP, New York, N.Y., for Defendant-Appellant the Republic of Argentina.

David W. Rivkin , Suzanne M. Grosso , Debevoise & Plimpton LLP, New York, N.Y.; Ronald Mann, Esq., pro se, New York, N.Y., for Amici Curiae Prof. Ronald Mann and EM Ltd., in support of Plaintiffs-Appellees.

Walter Rieman , Andrew W. Amend , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, N.Y., for Amici Curiae Montreux Partners, L.P. and Wilton Capital, in support of Plaintiffs-Appellees.

Richard A. Samp , Washington Legal Foundation, Washington, D.C., for Amicus Curiae the Washington Legal Foundation, in support of Plaintiffs-Appellees.

Kevin S. Reed , Quinn Emanuel Urquhart & Sullivan, LLP, New York, N.Y., for Amicus Curiae Prof. Kenneth W. Dam, in support of Plaintiffs-Appellees.

John D. Clopper ( Jeannette A. Vargas , Sarah S. Norman , on the brief), Assistant United States Attorneys, for Preet Bharara, United States Attorney for the Southern District of New York, N.Y.; Stuart F. Delery , Acting Assistant Attorney General, Mark B. Stern , Sharon Swingle , Attorneys, Appellate Staff, Civil Division, Department of Justice, Washington, D.C.; George W. Madison , General Counsel, Department of the Treasury, Washington, D.C.; Harold Hongju Koh , Legal Advisor, Department of State, Washington, D.C., for Amicus Curiae the United States of America, in support of Defendant-Appellant.

Paul Saltzman , Joseph R. Alexander , H. Rodgin Cohen , Michael Wiseman , The Clearing House Association L.L.C., New York, N.Y.; Sergio J. Galvis , Joseph F. Neuhaus , Michael J. Ushkown , Sullivan & Cromwell LLP, New York, N.Y., for Amicus Curiae the Clearing House Association L.L.C., in support of Defendant-Appellant.

Before: POOLER, B.D. PARKER and RAGGI, Circuit Judges.


BARRINGTON D. PARKER, Circuit Judge:

The Republic of Argentina appeals from permanent injunctions entered by the United States District Court for the Southern District of New York (Griesa, J.) designed to remedy Argentina's failure to pay bondholders after a default in 2001 on its sovereign debt. The district court granted plaintiffs summary judgment and enjoined Argentina from making payments on debt issued pursuant to its 2005 and 2010 restructurings without...

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