On January 4, 2013, WLF filed a brief in the U.S. Court of Appeals for the Second Circuit, urging it to uphold the right of bondholders to enforce their contractual rights against foreign states that have defaulted on their commercial debt. WLF argued that the district court acted properly in ordering Argentina not to play favorites among its creditors by paying interest to some bondholders while ignoring the legitimate claims of others. WLF disputed Argentina’s claim that the district court’s order would adversely affect the ability of other nations to renegotiate their indebtedness. While conceding that federal courts do not have the right to order a sovereign nation to use property located within its own borders to pay debts, WLF argued that the courts act properly when, as here, they order compliance with a nation’s contractual commitments to provide “equal treatment” to all bondholders.

Awaiting oral argument on February 27, 2013.