Opinion
04 Civ. 6594 (TPG).
April 3, 2006
OPINION
On March 20, 2006 the court handed down a decision denying plaintiffs' motion for summary judgment. The basis for that ruling was the court's view that plaintiffs failed to comply with an agreement reached at a hearing on September 28, 2005 on the question of standing.
Plaintiffs now move for reconsideration. They contend that the court misinterpreted the September 2005 agreement. A hearing on the motion for reconsideration was held on March 28, 2006. The court now confirms the ruling made from the bench at the latter hearing.
The court believes that the issue about standing needs to be clarified, and now rules as follows. On the basis of the concessions made by The Republic of Argentina, a holder of a beneficial interest in a bond will have standing to sue if the holder has a cause of action based on the ownership of a beneficial interest at the time suit is commenced.
Such a showing has been made by plaintiffs in this action in their motion for summary judgment. Accordingly, plaintiffs' motion for reconsideration is granted, and their motion for summary judgment is granted.
SO ORDERED.