How Hedge Funds Play The Sovereign Debt Litigation Game

​Sovereign debt litigation is unique in that sovereign debt claims are virtually unenforceable given the strong protections offered under the Foreign Sovereign Immunities Act and the because most sovereign assets are held offshore. Nevertheless, sophisticated hedge funds have found ways to use U.S. and foreign courts as leverage to win attractive settlements from foreign sovereigns. This study group will focus on the rise of sovereign debt litigation since 1990 and will include a deep dive on the intense litigation against Argentina after 2001.  Speaker: Gregory Makoff, M-RCBG Senior Fellow, Author of Forthcoming book Default: The Landmark Court Battle over Argentina’s $100 Billion Debt RestructuringSuggested Reading:Sovereign Defaults in Court. By Julian Schumacher, Christoph Trebesch, Henrik Enderlein, European Central Bank Working Paper Series No. 2135, February 2018), https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2135.en.pdfMass Sovereign Debt Litigation: A Computer-Assisted Analysis of the Argentina Bond Litigation in the U.S. Federal Courts 2002-2016. By Gregory Makoff and Mark Weidemaier. 56 U.C. Davis Law Review, February 2023, https://lawreview.law.ucdavis.edu/issues/56/3/articles/makoff_weidemaier.htmlThis study group / discussion is open to all. Registration is not necessary.M-RCBG welcomes individuals with disabilities to participate in its programs. To request accommodations or ask questions about access provided, please email: mrcbg@hks.harvard.edu