EM Ltd. v. Republic of Argentina
Pending petition| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 11-604 | 2d Cir. | TBD | TBD | TBD | TBD | TBD |
Issue: Section 1610 of the Foreign Sovereign Immunities Act (“FSIA”), 28 U.S.C. §§ 1602 et seq., sets forth the circumstances in which property of a foreign state or its agency or instrumentality “shall not be immune” from prejudgment attachment or execution in satisfaction of a judgment. 28 U.S.C. § 1610. Section 1611 restores immunity to property “of a foreign central bank or monetary authority held for its own account, unless such bank or authority, or its parent government, has explicitly waived its immunity.” Id. § 1611(b)(1). In First National City Bank v. Banco Para El Comercio Exterior de Cuba, 462 U.S. 611 (1983) ( “Bancec”), this Court held that in certain circumstances of injustice or control, the separate juridical status of a foreign state's agency or instrumentality should be disregarded. Id. at 629. In such cases, the agency or instrumentality should be treated as the alter ego of the foreign state, and “one may be held liable for the actions of the other.” Id. When a central bank has been adjudicated under this Court’s decision in First National City Bank v. Banco Para El Comercio Exterior de Cuba, to be the alter ego of a foreign state that has waived immunity from attachment and execution, does Section 1611(b)(1) of the Foreign Sovereign Immunities Act immunize the assets held in the name of that bank? (Sotomayor, J., recused.)
CVSG Information
Invited: January 17, 2012
