Argentine Bank Not Liable For $2.2B Judgments: Judge

Law360, New York (March 28, 2011, 9:52 PM EDT) -- A federal judge in New York ruled Monday that investors cannot hold Banco de la Nacion Argentina liable for $2.2 billion of judgments in their favor because the bank was not the alter ego of the Republic of Argentina.

In an opinion filed in the U.S. District Court for the Southern District of New York, Judge Thomas P. Griesa dismissed the case, saying that though the state owns the bank and appoints its board of directors, it has little to do with the bank’s day-to-day operations....
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