Dechert Settlement Wins Global Dispute of the Year Award from The American Lawyer
Dechert LLP’s representation of hedge fund manager Elliott Management and affiliate NML Capital in relation to a 13-year legal battle triggered by Argentina’s 2001 default on US$100 billion of debt has been named Global Dispute of the Year by The American Lawyer as part of its 2016 Global Legal Awards program.
The firm’s representation of NML Capital in the Argentine bond dispute was ranked first in the “U.S. Litigation (Finance)” category in July. It was subsequently selected by The American Lawyer as the overall winner among disputes that best exemplify the challenges of transnational legal practice. The American Lawyer assessed several factors, including “legal novelty, geographical spread and legal complexity, the magnitude of the stakes, the favorability of the outcome, and the sweep of its legal significance.”
“We are grateful for the recognition by The American Lawyer,” said Robert Cohen, a partner in Dechert’s complex commercial litigation group who led the team advising NML Capital. “It is a testament to Dechert’s global capabilities and our ability to craft creative solutions to achieve our client’s business goals.”
A large minority of bondholders, including NML, refused to participate in two unilateral Argentine offers in 2005 and 2010 to exchange defaulted bonds for new securities and cash on terms highly unfavorable to creditors. Dechert litigators led initiatives to enforce judgments secured in jurisdictions across the globe, chasing Argentina through more than 30 proceedings in 11 countries. Finally, in April 2016, newly elected Argentine President Mauricio Macri agreed to settle with Dechert’s clients and other bondholders. The agreements, which allowed Argentina to regain access to international debt markets for the first time in 15 years, finally brought the extraordinary case to an end.
In addition to Cohen, the other lead partners advising NML Capital included New York partner Dennis Hranitzky, London partner Andrew Hearn, Paris partner Xavier Nyssen, retired New York partner Charles Poret, retired Brussels partner Richard Temko and New York counsel Debra O’Gorman, as well as several associates across various practice groups throughout the firm’s U.S. and European offices.
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