Investors Can't Cash Out Argentine Funds: 2nd Circ.

Law360, New York (July 5, 2011, 3:58 PM EDT) -- The Second Circuit on Tuesday blocked investors from seizing roughly $100 million held by Argentina's central bank in the U.S., thwarting efforts to recoup a portion of the more than $2.4 billion the country owes creditors from a 2001 bond default.

A three-judge panel reversed a lower court's ruling that had ordered Argentina to turn over funds held in its central bank's accounts in the Federal Reserve Bank of New York. The Second Circuit determined the money was protected by the Foreign Sovereign Immunities Act and...
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