Judge Thomas Griesa, who was appointed by President Nixon and spent 45 years on the Southern District bench, passed away Sunday. For more, see coverage in the New York Daily News and Reuters.
Judge Griesa
Judge Griesa Conditionally Lifts Injunctions to Facilitate Settlement of Argentina Bond Litigation
In an opinion today in the long-running Argentina bond litigation, Judge Griesa ruled that, subject to certain conditions, he would lift injunctions requiring that Argentina pay all debt ratably, including so-called “holdout” bondholders (see our prior post here). He did so because: “Put simply, President Macri’s election changed everything.” Specifically, Judge Griesa found that…
In Argentina Bond Litigation, Judge Griesa Grants Injunction to “Me Too” Plaintiffs
On Friday, as part of the long-running litigation against Argentina concerning its bond defaults, Judge Griesa granted injunctive relief to a series of follow-on (or “me too”) plaintiffs, along the same lines as the injunction entered for the lead plaintiffs in 2013. The injunction requires Argentina to treat the bondholders equally, or parri passu, with other external debt. According to Bloomberg, this adds $6 billion in additional claims. Judge Griesa rejected Argentina’s argument that the relief “would subject the Republic to an unacceptable degree of catastrophic risk”:
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Wall Street Journal Profiles Judge Griesa
The article, which focuses on his handling of the litigation over Argentina’s debt restructurings, is here.
Judge Griesa Reinstates Claims of Madoff Feeder Fund Investors After Recent Supreme Court Decision on SLUSA
In an opinon issued yesterday, Judge Griesa reinstated state law fraud claims of investors in so-called Madoff “feeder funds” that he had previously dismissed under the Securities Litigation Uniform Standards Act (SLUSA). SLUSA bars large class actions brought under state law that allege “a misrepresentation or omission of a material fact in connection with the purchase or sale of a covered security.” A “covered security” is defined as, among other things, a security traded on a national stock exchange. In a prior decision, Judge Griesa had held that SLUSA barred plaintiffs state law claims even though their own investments were not in “covered securities” but in funds that invested with Madoff. Madoff’s subsequent purported transactions in covered securities was sufficient for SLUSA to apply and bar any claims based on Madoff’s fraud. Plaintiffs moved to reinstate their state law claims after the Supreme Court ruled in Chadbourne & Parke LLP v. Troice, 134 S. Ct. 1058 (2014). Judge Griesa agreed that Troice had changed the landscape:
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Supreme Court Grants Cert to Review Legality of Aereo Internet-TV Service
The Supreme Court today granted certiorari to review the legality of Aereo, a service that streams live broadcast television over the internet (with a slight delay). In July 2012, Judge Nathan denied the TV networks’ motion to preliminarily enjoin the service, and the Second Circuit affirmed in April 2013. Prior posts on the case are…
“Deep Throat” Producers Seek to Enjoin Release of Weinstein Co.’s “Lovelace” Film [UPDATED]
Judge Griesa Declares Forthcoming Emma Thompson Film “Effie” Not Infringing of Play Based on Same Historical Events
Emma Thompson and her husband, Greg Wise, wrote a screenplay about the love triangle between John Ruskin – an influential art critic of the Victorian era – his teenage bride, Euphemia (“Effie”) Gray, and John Everett Millais, Ruskin’s protégé. That screenplay has since been turned into a movie – Effie – starring Thompson, Wise, Dakota Fanning, Tom Sturridge, and Robbie Coltrane, due to be released this year. On Wednesday, Judge Griesa granted Effie Film’s motion for judgment on the pleadings in an action it had filed against Gregory Murphy for a declaration that the “Effie” screenplay does not infringe upon Mr. Murphy’s copyright in “The Countess” – a play and screenplay he authored based upon the same historical events.
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