Bugliotti v. Republic of Argentina, No. 21-1014 (2d Cir. 2023)
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Plaintiffs appealed the district court’s judgment dismissing their claims against the Republic of Argentina (“Argentina”) in connection with sovereign bonds issued by Argentina and purchased by Plaintiffs. The Second Circuit vacated in part the district court’s previous judgment of dismissal and remanded the case for the district court to determine in the first instance whether Plaintiffs are entitled to bring suit under Argentine law. The district court found on remand that Plaintiffs were not. Plaintiffs appealed again, arguing that the district court’s findings are erroneous and that Rule 17 of the Federal Rules of Civil Procedure offers them an alternative avenue to enforce their rights under the bonds in federal court.
The Second Circuit affirmed, holding that Plaintiffs are not entitled to bring suit under Argentine law and that nothing in Rule 17 can be read to alter that result. The court explained that under Rule 17(a)(3), “[t]he court may not dismiss an action for failure to prosecute in the name of the real party in interest until, after an objection, a reasonable time has been allowed for the real party in interest to ratify, join, or be substituted into the action.” The court wrote that it has already concluded that Plaintiffs do not have the right to recover the bonds under Argentine law – the applicable substantive law in this case. That being so, Rule 17 provides no alternative avenue for Plaintiffs to bring suit in federal court.
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