On November 21, 2012, Judge Griesa of the U.S. District Court for the Southern District of New York ruled in favor of the holders (including certain hedge funds) of Fiscal Agency Agreement bonds (FAA Bonds) defaulted upon by the Republic of Argentina when he clarified the scope of payment obligations owed by Argentina to such holders (FAA Bondholders).  Judge Griesa’s ruling followed the October 26, 2012 decision of the U.S. Court of Appeals for the Second Circuit affirming the District Court’s earlier determination that Argentina had violated the pari passu clause with respect to its FAA Bonds when it refused to pay holdout FAA Bondholders who had declined to exchanged their FAA Bonds for newly issued bonds.  For a discussion of the Court of Appeals’ decision, see “Hedge Funds Win Battle to Enforce Argentina’s Defaulted Bonds as Second Circuit Upholds Ruling that Argentina Violated Pari Passu Clause by Paying on New Bonds While Refusing to Pay on Defaulted Bonds,” Hedge Fund Law Report, Vol. 5, No. 43 (Nov. 15, 2012).