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Immunity for Argentina
On November 5, 2009, the United States Court of Appeals for the Second Circuit remanded Seijas v. Argentina, docket number 08-2847, to the lower court to explain its 2008 Temporary Restraining Orders and address Argentina's FSIA claims.
On April 18, 22 and 25, 2008 the District Court had granted several TROs which restrained Argentina's ability to transfer, sell, pledge, loan, or otherwise encumber Argentinean bonds held in the Depository Trust Corporation in New York.
The District Court held a hearing on April 30, 2008, to determine whether these TROs should be converted into preliminary injunctions but the court reserved a decision, thus allowing the TROs to continue until they converted automatically into preliminary injunctions on May 23, 2008. Argentina appealed, claiming that the injunctions were precluded by the FSIA which granted it immunity under 28 USC §1609.
The Second Circuit found that the preliminary injunctions were unsupported by the requisite findings and remanded the case to allow the District Court to provide an explanation for its decision. While this represents a small victory for Argentina, the Circuit Court refused to address the FSIA claim and allowed the foreign nation's assets to remain frozen. -- Laura P. Valle, legal assistant, Berliner, Corcoran & Rowe, LLP, Washington, D.C.
Fri, / Embassy Law Link