Experience

Opposition of Efforts to Freeze Assets of Pension Funds

Argentine Pension Fund

In Aurelius Capital Partners, LP, et al. v. The Republic of Argentina (and over 70 related cases), holders of defaulted Argentine bonds have obtained judgments of over $2 billion. In connection with legislation in Argentina that allegedly nationalized ten private Argentine pension funds, the plaintiffs in these actions issued restraining notices against over $200 million of assets of those pension funds in the United States. Chadbourne represents eight of the pension funds in opposing efforts to freeze their U.S. assets in the District Court and on appeal to the Second Circuit Court of Appeals. In 2009, the Second Circuit issued an order vacating the District Court's restraining notices and on March 1, 2010, plaintiffs' petition to the Supreme Court for a writ of certiorari was denied.