On July 20, 2011, the U.S. Court of Appeals for the Second Circuit overturned a district court ruling that interfered with the rights of bondholders to seek to collect judgments against foreign states that have defaulted on their commercial debt. The decision was a victory for WLF, which filed a brief in support of the bondholders. WLF argued that the Foreign Sovereign Immunities Act already provides foreign states with significant immunity from lawsuits in American courts. It argued that in instances in which Congress has not chosen to extend immunity to foreign states, it is inappropriate for federal courts to create their own immunity theories and thereby undermine the ability of creditors to collect their debts. The appeals court agreed with WLF that, under the terms of the contract under which Argentinian collateral is being held in New York, Argentina has no right to recover the collateral free and clear of a lien held by the bondholders.