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

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”:
Continue Reading In Argentina Bond Litigation, Judge Griesa Grants Injunction to “Me Too” Plaintiffs

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:
Continue Reading Judge Griesa Reinstates Claims of Madoff Feeder Fund Investors After Recent Supreme Court Decision on SLUSA

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.
Continue Reading Judge Griesa Declares Forthcoming Emma Thompson Film “Effie” Not Infringing of Play Based on Same Historical Events