International Litigation

In NML Capital, Ltd. v. Banco Central de ¿a República Argentina, the Second Circuit ruled that funds held by the Republic of Argentina's central bank at the Federal Reserve Bank of New York were immune from restraint by Argentina's judgment creditors.5 The court rejected the creditors'...

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Bibliographic Details
Published in:The International lawyer 2012-03, Vol.46 (1), p.165-180
Main Authors: Jackson, Katharine V., Page, Aaron Marr, Blackman, Jonathan I., Boccuzzi, Carmine D., Lawrence, William, Slater, Matthew D., Zelbo, Howard S., Woody, Karen E., Bergman, Neale H., Dye, Phillip B., Kittila, Theodore A.
Format: Article
Language:English
Subjects:
Act of State doctrine
Arbitration
Case dismissal
Central banks
Defendants
Disputes
Federal court decisions
Federal district courts
International law
Jurisdiction
Legal proceedings
Litigation
Plaintiffs
Sanctions
Statutory law
Surveys
Water conservation
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Summary:In NML Capital, Ltd. v. Banco Central de ¿a República Argentina, the Second Circuit ruled that funds held by the Republic of Argentina's central bank at the Federal Reserve Bank of New York were immune from restraint by Argentina's judgment creditors.5 The court rejected the creditors' argument that immunity should depend on the degree of the central bank's independence from its government, finding the argument unsupported by the text and noting that at the time of the FSIA's enactment, Congress "had no reason to believe that foreign central banks and monetary authorities would be independent of their parent states because, at that time, most were not.
ISSN:0020-7810
2169-6578