Lowey Dannenberg Obtains Temporary Restraining Order for Mutual Funds Managed by Federated Investors, Enjoining the Republic of Argentina From Cancelling $60 Million Face Value of Bonds Erroneously Tendered, Resulting in Return of Those Bonds
Case Abstract
On June 1, 2010, Lowey Dannenberg commenced a lawsuit on behalf of Federated Investment Management Company and several of its funds against the Republic of Argentina, three custodians and other parties seeking the return of $60 million face value of bonds issued by Argentina that had been erroneously tendered in response to an April 2010 invitation to tender in exchange for new securities to be issued by Argentina. Simultaneously with the filing of the lawsuit, Lowey Dannenberg sought and successfully obtained, after argument, a temporary restraining order that restrained Argentina from taking any actions toward canceling or destroying the erroneously tendered bonds. Thereafter, Lowey Dannenberg presented evidence and witnesses in hearings before District Court Judge Thomas P. Griesa to extend the temporary restraining order and in support of Federated’s motion for preliminary and permanent injunctive relief seeking, inter alia, return of the bonds. The parties agreed to stay further proceedings pending announcement and consummation of a re-tender process in which Federated would be able to withdraw its erroneously tendered bonds from the April 2010 invitation. That re-tender process was announced on June 30, and on July 9, 2010, Federated received confirmation that its erroneously tendered bonds had been withdrawn from the April 2010 invitation and returned to Federated.
Federated Investment Management Company, Federated Investment Counseling, Federated International High Income Fund, Emerging Markets Fixed Income Core Fund, and Federated Capital Income Fund II
Case Name
Federated Investment Management Company, et al. v. Republic of Argentina, et al, Case No. 10 Civ. 4324 (TPG)
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