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Case Detail


NML Capital, Ltd. v. Republic of Argentina
The Supreme Court preserved WLF’s victory in this case when, on June 16, 2014, it declined further review. On August 23, 2013, the U.S. Court of Appeals for the Second Circuit issued a ruling affirming the rights of bondholders to enforce their contractual rights against foreign states that default on their bonds. That ruling was a victory for WLF, which filed a brief urging that the bondholders’ rights be upheld. The court agreed with WLF that the bondholders were entitled to an injunction requiring Argentina to abide by a commitment to treat all bondholders equally. In other words, if Argentina plans to make payments to one group of bondholders, it may not simultaneously refuse to make payments to the plaintiffs, a group of “hold-out” bondholders who refused to accede to Argentina’s demand that they accept a 70% reduction in the value of their bonds. The Court also agreed that the injunction would not interfere with efforts by other nations to renegotiate their indebtedness.
Case Status:
Victory. Supreme Court denied Argentina’s petition for review.
More Information and Downloads:
1/4/2013: Download the Brief
4/25/2012: Download the Brief

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