NML Capital, Ltd. v. Republic of Argentina

Argentina (defendant) issued bonds containing an equal-treatment clause guaranteeing equal payment priority with its other unsecured debt, then defaulted and offered bondholders an exchange into restructured bonds, stating the original defaulted bonds might remain permanently unpaid. After 91 percent of bondholders exchanged, Argentina resumed paying only the restructured bonds; the remaining original bondholders (plaintiffs, including NML Capital) sued, and the district court enjoined Argentina to make equal payments on the original bonds, prompting Argentina's appeal arguing the injunction violated its sovereign immunity.