International law firm Dorsey & Whitney LLP announced today that Judge Thomas P. Griesa of the U.S. District Court for the Southern District of New York dismissed a case against Dorsey’s client Banco de la Nación Argentina (BNA), the largest commercial bank in Argentina. The suit sought to hold BNA liable, under an alter ego theory, for $2.2 billion in damages that bond holder plaintiffs are seeking to recover from the Republic of Argentina in connection with sovereign bonds issued by Argentina. The Court agreed that BNA is an independent instrumentality under the Foreign Sovereign Immunities Act, and therefore not liable for judgments against the Republic.
The Dorsey team was led by New York Partners Mario Diaz-Cruz, III and Mark Sullivan and Senior Attorney Laura Lestrade.