NML CAPITAL v. REPUBLIC OF ARGENTINA

Docket Nos. 09-2707-cv (L), 09-2708-cv (CON), 09-2867-cv (CON), 09-2710-cv (CON), 09-2711-cv (CON), 09-2712-cv (CON), 09-2713-cv (CON), 09-2714-cv (CON), 09-2715-cv (CON), 09-2716-cv (CON), 09-2717-cv (CON), 09-2810-cv (CON).

621 F.3d 230 (2010)

NML CAPITAL, Plaintiff-Appellee-Cross-Appellant, Montreux Partners, Cordoba Capital, Los Angeles Capital, FFI Fund & FYI, Wilton Capital, Plaintiffs-Appellees, v. REPUBLIC OF ARGENTINA, Defendant-Appellant-Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided: September 23, 2010.


Attorney(s) appearing for the Case

Carmine D. Boccuzzi ( Jonathan I. Blackman , Christopher P. Moore , on the brief), Cleary Gottlieb Steen & Hamilton LLP, New York, New York, for Defendant-Appellant-Cross-Appellee Republic of Argentina.

Theodore B. Olson ( Matthew D. McGill , Jason J. Mendro , Gibson, Dunn & Crutcher LLP, Washington, D.C.; Robert A. Cohen , Dennis H. Hranitzky , Dechert LLP, New York, New York; Walter Rieman , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York; Stephen D. Poss , Robert D. Carroll , Goodwin Procter LLP, Boston, MA, on the brief), Gibson, Dunn & Crutcher LLP, Washington, D.C., for Plaintiffs-Appellees Montreux Partners, Cordoba Capital, Los Angeles Capital, FFI Fund & FYI, and Wilton Capital; Plaintiff-Appellee-Cross-Appellant NML Capital.

Before: CALABRESI, RAGGI, and CUDAHY, Circuit Judges.


REENA RAGGI, Circuit Judge:

In this action to recover principal and interest owed by the Republic of Argentina on certain Floating Rate Accrual Notes, the parties cross-appeal from a judgment entered in the United States District Court for the Southern District of New York (Thomas P. Griesa, Judge) in favor of plaintiffs. Appellant Argentina contends that it was entitled to reformation of the notes because the relevant interest rate was unenforceable as a penalty...

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