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Second Circuit Holds Argentine Pension Funds Enjoy Sovereign Immunity
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November 9, 2009
Previously published on October 28, 2009
On Thursday, October 15, 2009, in a key victory for Skadden client Administración Nacional de la Seguridad Social (ANSES), the Argentine Social Security Administration, the United States Court of Appeals for the Second Circuit held that investments in the U.S. and held on behalf of Argentine pensioners, which in late 2008 would have been moved from the U.S. to Argentina and placed under ANSES administration there, could not be attached by the sovereign bond creditors of the Republic of Argentina in satisfaction of the Republic's debts.
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