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
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.
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.
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