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CARL MARKS & CO., INC. v. USSR

Nos. 636, 637, Dockets 87-7740, 87-7746.

841 F.2d 26 (1988)

CARL MARKS & CO., INC., Hubert Park Beck, and Moses K.S. Altman, Individually, and on behalf of all other holders of Five Year Five and One-Half Per Cent External Gold (Dollar) Bearer Bonds issued by the Imperial Russian Government, dated December 1, 1916, due December 1, 1921, similarly situated, Plaintiffs-Appellants, v. UNION OF SOVIET SOCIALIST REPUBLICS, Defendant-Appellee. CARL MARKS & CO., INC., Hubert Park Beck, and Moses K.S. Altman, Individually, and on behalf of all other holders of Participation Certificates in the $50,000,000, 6½ Three Year Credit in favor of the Imperial Russian Government, dated as of July 10, 1916, due June 18, 1919, similarly situated, Plaintiffs-Appellants, v. UNION OF SOVIET SOCIALIST REPUBLICS, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided February 29, 1988.

Attorney(s) appearing for the Case

Edward M. Sills, New York City (Lawrence Milberg, Milberg, Weiss, Bershad, Specthrie & Lerach, New York City, of counsel), for plaintiffs-appellants.

Eugene Theroux, Washington, D.C. (B. Thomas Peele, Baker & McKenzie, Washington, D.C., of counsel), for defendant-appellee.

Douglas Letter, U.S. Dept. of Justice, Washington, D.C. (Richard K. Willard, Asst. U.S. Atty. Gen., Washington D.C., Abraham D. Sofaer, Legal Advisor, Elizabeth G. Verville, Deputy Legal Advisor, U.S. Dept. of State, Washington, D.C., Rudolph W. Giuliani, U.S. Atty., S.D.N.Y. New York City, of counsel) argued and submitted a statement of interest, for the U.S.

Before OAKES, NEWMAN and MINER, Circuit Judges.

PER CURIAM:

Plaintiffs-appellants are class representatives of holders of debt instruments, five-year external gold dollar bearer bonds and three-year credit participation certificates, that the Russian Imperial Government issued in 1916. Interest was paid on all the certificate installments and all but five bearer bond coupons after Lenin's Bolshevik Government repudiated "[a]ll foreign loans ... unconditionally and without exception" in 1918. The instant actions...

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