Milberg LLP is pleased to announce that it has been selected as a winner in the Global Dispute of the Year: U.S. Financial Litigation category by The American Lawyer and its parent company ALM Media for work on the Argentine Bonds case. The award highlights Milberg’s role in successfully representing the largest group of individual and small-fund holders of Argentina bonds that went into default in late 2001 in their legal effort to seek recovery of principal and interest on the bonds.
Argentina had asserted sovereign immunity and resisted paying any judgments against it, making recovery for the group challenging. In 2010, Milberg began working with large fund bondholders on test cases seeking to use the pari passu “Equal Treatment” provision of the bonds to obtain injunctions prohibiting Argentina from giving preferential treatment to holders of non-defaulted bonds. Milberg and three large funds obtained those injunctions in 2012, each of which was affirmed by the appellate court in 2012 and 2013.
The award pays tribute to this strategy, which was instrumental in Milberg’s successful representation of the bondholders. Unlike judgments, the injunctions had the effect of binding not only Argentina but also the parties acting as its agents or in concert with it, such as custodians, paying agents, and attorneys. This provided leverage for the bondholders in their quest for a resolution that would include receipt of payment, no small matter given that the claims totaled over $685 million.
“We are proud to be recognized for our efforts in this very challenging case,” Milberg Executive Committee Chairman Sanford P. Dumain said. “The award is a validation of successful and creative efforts to fight for the interests of our clients.”
The 2014 Global Legal Awards aim to honor those law offices that have played a substantial role in distinguished cross-border legal work across a wide range of disciplines during the period January 2013 to April 2014. The judges looked at nineteen areas of cross-border legal work that covered the gamut from M&A and corporate finance to litigation to global pro bono and citizenship efforts, ultimately awarding winners in thirty-six separate categories.
The Awards are known to be a hotly contested affair. This year was no different, with sixty-six law firms submitting more than two hundred and seventy nominations, including more than one hundred and seventy transactions. Among the winners are five disputes, eight pro bono or corporate social responsibility projects, ten financial transactions, and thirteen corporate deals.
An event for the honorees will take place on September 15 at Gotham Hall, 1356 Broadway, in New York City.
Milberg LLP is widely recognized as a leading class action and complex litigation firm, representing individual and institutional investors, unions, consumers and business entities in their pursuit for justice. Founded in 1965, Milberg has offices in New York, Los Angeles, and Detroit. The Firm has taken the lead in landmark cases that have set groundbreaking legal precedents and prompted changes in corporate governance.