United States Second Circuit

In a class action by holders of defaulted bonds issued by the Republic of Argentina, the district court's order of class certification is affirmed in part where: 1) the fact that damages may have to be ascertained on an individual basis was not sufficient to defeat class certification; and 2) the district court correctly determined that proceeding individually would be prohibitive for class members with small claims. However, the order is reversed in part where estimating gross damages for each of the classes as a whole, without using appropriate procedures to ensure that the damages awards roughly reflected the aggregate amount owed to class members, enlarged plaintiffs' rights by allowing them to encumber property to which they have no colorable claim.

Appellate Information

• Argued 11/09/2009
• Decided 05/27/2010
• Published 05/27/2010

Judges

• BARRINGTON D. PARKER, Circuit Judge:, Before: LEVAL, B.D. PARKER, AND LIVINGSTON, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellees:
  
• Jonathan I. Blackman (Carmine D. Boccuzzi, Christopher P. Moore, on the brief), Cleary Gottlieb Steen & Hamilton LLP, New York, NY, for Defendant-Appellant., Bertrand C. Sellier (Mark D. Harris, William H. Weisman, on the brief), Proskauer Rose LLP, New York, NY, (Guillermo A. Gleizer, New York, NY, Howard Sirota, Saul Roffe, Sirota & Sirota LLP, Belle Harbor, NY, Lovell Stewart Halebian LLP, New York, NY, on the brief), for Plaintiffs-Appellees.