ARGENTINA v. NML CAPITAL, LTD.

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Case Basics
Docket No. 
12-842
Petitioner 
Republic of Argentina
Respondent 
NML Capital, Ltd.
Term:
Facts of the Case 

During an economic crisis in 2001, the Republic of Argentina (Argentina) failed to make payments on bonds owned by foreign investors. One such bondholder, NML Capital, Ltd. (NML), later prevailed in several actions it filed against Argentina in federal district court, which entered judgments totaling more than US$2 billion in NML’s favor. In order to execute the judgments against Argentina, NML served subpoenas on two banks requesting information about Argentina’s assets held worldwide. Argentina moved to quash the subpoenas and argued that they violate the Foreign Sovereign Immunities Act (FSIA) by requiring the disclosure of assets that are immune from collection by NML. The district court ordered the banks to comply with the subpoena requests. The U.S. Court of Appeals for the Second Circuit affirmed, reasoning that the FSIA did not apply to the subpoena because it was a discovery order directed at commercial entities that did not have a claim to sovereign immunity.

Question 

Does a subpoena that requires a bank to disclose information about all assets of a foreign state, without respect to their location or use, violate the Foreign Sovereign Immunities Act?

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ARGENTINA v. NML CAPITAL, LTD. . The Oyez Project at IIT Chicago-Kent College of Law. 05 April 2014. <http://www.oyez.org/cases/2010-2019/2013/2013_12_842>.
ARGENTINA v. NML CAPITAL, LTD. , The Oyez Project at IIT Chicago-Kent College of Law, http://www.oyez.org/cases/2010-2019/2013/2013_12_842 (last visited April 5, 2014).
"ARGENTINA v. NML CAPITAL, LTD. ," The Oyez Project at IIT Chicago-Kent College of Law, accessed April 5, 2014, http://www.oyez.org/cases/2010-2019/2013/2013_12_842.