NY court: Argentina must disclose to US creditors

Argentina and various banks must reveal information about the nation's assets to U.S. bondholders who are owed about $1.5 billion, a federal appeals court said Tuesday, though the panel cautioned a judge that a sovereign state is entitled to grace and civility and some records may be off limits.
 
The ruling by a three-judge panel of the 2nd U.S. Circuit Court of Appeals gives a green light to lawyers for bondholders who refused to trade their holdings for bonds worth less than half as much after Argentina in 2001 defaulted on $100 billion of debt.

U.S. District Judge Thomas P. Griesa had allowed the lawyers to pursue records from Argentina and related entities, including banks.

The appeals court said his discretion over what must ultimately be turned over is delicate, especially when it affects Argentina's diplomatic and military affairs.

It said it might not be possible for Griesa to review documents regarding diplomatic or military issues on his own to determine if they are relevant. The appeals panel said he should be "effective and respectful" as he handles the sensitive aspects of the document review.

The ruling came after U.S. hedge funds that hold Argentina bonds won judgments requiring that they be paid. The hedge funds claim Argentina defaulted on $1.5 billion they are owed after moving assets far and wide to hide them from creditors.

Argentina said in court papers it is being harassed by the hedge funds.

It said the requests for information concern property and finances of the republic's military and diplomatic core, over 100 separate entities and top republic officials including its current and former presidents.

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Legislature heads to court on education finance

The Washington Supreme Court is marking the beginning of school with a mandatory assembly for the Legislature on education finance. The court has ordered lawmakers to come to court on Wednesday to explain why they haven't followed its orders to fix the way Washington pays for public education. Lawmakers, the governor and others say the court needs to be patient and give the Legislature more time to fulfil the orders in the 2012 McCleary decision. Thomas Ahearne, the attorney for the coalition that sued the state over education funding, says the Legislature has made so little progress toward meeting the goal that only more pressure from the court will make it happen. The McCleary decision said lawmakers are not meeting their constitutional responsibility to fully pay for basic education and they are relying too much on local tax-levy dollars to balance the education budget. The court commended the Legislature for passing some reforms in the K-12 system and for starting to pay for them. The McCleary decision orders the Legislature to finish paying for the reforms, which may add more than $4 billion to the state's biennial budget, according to some government estimates. The Legislature was given until the 2017-18 school year to fix the problem. Among the reforms awaiting payment: all-day kindergarten in every school; more instructional hours for high school students to help them earn 24 credits to graduate; pupil transportation fully supported by state dollars; a new formula for school staffing levels, smaller classes in the lower grades; and more state support for school equipment and supplies.

California high court strikes measure from ballot

The California Supreme Court on Monday blocked an advisory measure backed by Democrats from the November ballot. By a 5-1 vote, the court ordered the removal of Proposition 49, which would have asked voters if they want a federal constitutional amendment to overturn the U.S. Supreme Court's so-called Citizens United ruling allowing unlimited corporate spending in elections. The majority opinion said no harm will come from removing the nonbinding measure while courts determine its validity. The court said it would consider the issue in more detail in September. Writing separately, Justice Goodwin Liu agreed with the Howard Jarvis Taxpayers Association, an anti-tax group that filed a lawsuit seeking to remove the measure from the ballot. The group argued that advisory measures are not a proper use of the ballot. Chief Justice Tani Cantil-Sakauye said she would have allowed placing the proposition on the ballot, as a divided appeals court had ruled earlier. The bill to place the measure on the ballot was introduced by Sen. Ted Lieu, D-Torrance, and it passed over Republicans' opposition. Brown, a Democrat, let the bill become law without his signature. Lieu's Sacramento office didn't return a phone call placed late Monday.

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