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URBAN v. REPUBLIC OF ARGENTINA

United States District Court, S.D. New York


March 11, 2004.

H.W. URBAN GmbH, Individually And on Behalf of All Others Similarly Situated, Plaintiff, -against- REPUBLIC OF ARGENTINA, Defendant

The opinion of the court was delivered by: THOMAS GRIESA, Senior District Judge

ORDER

On December 30, 2003 this Court issued an order granting class action certification to the plaintiff, H.W. Urban GmbH. The Republic of Argentina filed a timely motion for reconsideration. The Court issued an Amended Opinion on January 30, 2003 to correct a clerical error unrelated to the Republic's motion. On March 10, 2003 a hearing was held on the Republic's motion for reconsideration. The motion is now granted.

The Republic has sought reconsideration of the class definition, requesting that the Court exclude from the class citizens of the Republic of Argentina. As the Republic correctly points out, plaintiff has explicitly excluded citizens of the Republic of Argentina from the class definition in both its original Class Action Complaint and its Amended Class Action Complaint. Page 2 The court overlooked this qualification and granted class action treatment to a class consisting of all the holders of the U.S. $2,000,000,000 bond series and the U.S. $1,500,00,000 bond series described in the Amended Opinion, who purchased their bonds prior to July 22, 2002 and who hold their bonds continuously until the time of the final judgment in this action.

  In response to the motion for reconsideration, plaintiff H.W. Urban now seeks to expand the class to include all bondholders, including citizens of the Republic of Argentina.

  The court orders that the motion for class action certification be reargued, and that the parties submit briefs, with regard to the single issue of whether citizens of the Republic of Argentina should be included within the class to be certified in this action.

  SO ORDERED.

20040311

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