Republic of Argentina v. NML Capital, Ltd.
United States Supreme Court
573 U.S. 134 (2014)
- Written by Rich Walter, JD
Facts
The Republic of Argentina (Argentina) (defendant) waived jurisdictional immunity when it issued government bonds to foreign investors such as NML Capital, Ltd. (NML) (plaintiff). Thus, when Argentina defaulted on those bonds, NML successfully sued for a federal district court’s $2.7 billion judgment against Argentina, which Argentina refused to pay. Hoping to enforce the judgment through attachment, NML subpoenaed the Bank of America (BOA) (defendant) for discovery of BOA records pertaining to Argentina’s extraterritorial assets. Argentina and the BOA moved to quash the subpoena because, with only narrow exceptions that did not apply to this case, federal law provided immunity from attachment for a foreign sovereign’s property in the United States. The district court denied the motion to quash and granted NML’s motion to compel discovery. The Second Circuit affirmed on appeal. The United States Supreme Court granted certiorari.
Rule of Law
Issue
Holding and Reasoning (Scalia, J.)
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