Robert Giuffra Jr., Amanda Davidoff and Tom White were named “Litigators of the Week” by the Am Law Litigation Daily for persuading the U.S. Court of Appeals for the Second Circuit to vacate an “unprecedented” $16.1 billion judgment against the Argentine Republic. The March 27 ruling vacated the largest judgment ever entered in the Southern District of New York and the largest against a foreign sovereign by any U.S. court, capping seven years of litigation by S&C. Argentine President Javier Milei praised the victory as “historic, unthinkable, the greatest legal achievement in national history,” reflecting its critical importance to the country’s economic trajectory.
In a Q&A with the Litigation Daily, S&C Co-Chair Bob Giuffra described the critical stakes for the people of Argentina. “We represented 45 million Argentines against Burford, a litigation funder that had bought its claim for 15 million euros and obtained a $16.1 billion judgment—roughly 40% of Argentina’s annual national budget. A comparable amount for the U.S. government would be roughly $2 trillion. This judgment (which rose to $18 billion, with interest) would have severely interfered with Argentina’s ongoing economic turnaround.”
Bob also praised the contributions of Sergio Galvis, Co-Head of S&C’s Latin America Practice.
Tom noted the importance of persuading the Second Circuit to review the issues of foreign law de novo and of thoroughly understanding those issues themselves. “You cannot shortcut that process. It is a substantial undertaking. And the Second Circuit’s opinion underscores the importance of doing the hard work required to understand foreign law, especially when the stakes are high.”
Amanda recalled hearing the news of the reversal. “There was an outpouring of relief and excitement from lawyers we had worked with in the Argentine government for more than six years. It was an honor to represent Argentina in this case.”
The S&C team was also recognized by Law360 as “Legal Lions of the Week” for the win.
Read: “Litigators of the (Past) Week: Erasing a $16.1B Judgment Against Argentina”