Financial Times Honors Cravath with Award for Innovation in Legal Work in Latin America

On December 5, 2016, Cravath received the “Innovation in Legal Work in Latin America” award for its top ranking in the Financial Times annual report, entitled “North America Innovative Lawyers 2016.” The report featured the most innovative work handled by law firms in North America.

In the report, the Firm received the highest ranking for its work on behalf of Argentina in obtaining the vacatur of extraordinary injunctions that had been imposed on Argentina in 2012 and 2015 in litigation brought by holders of its defaulted sovereign debt. On December 6, 2016, the Financial Times published an article highlighting the Firm’s role in the award‑winning matter, entitled “How Argentina Pulled Off a Deal in Creditor Stand‑off,” which lauded Cravath’s motion for a conditional vacatur as “the crucial innovation that untangled the knot,” clearing the way for Argentina to resolve the 15‑year holdout litigation with bondholders and allowing the country to return to the global capital markets.

Partner Michael A. Paskin, who led the Cravath team for Argentina, was quoted in the article on the novelty of the Firm’s approach, which was praised as “putting an end to what had become known as ‘the trial of the century.’”

In addition to Michael, the Cravath team included partners Daniel Slifkin and Damaris Hernández and associates David A. Herman, M. Brent Byars, Matthew P. Hendrickson, Oliver Rocos and Alexandra L. Larkin on litigation matters and partners Paul H. Zumbro and Craig F. Arcella and foreign associate attorney Nicholas A. Hyde on corporate matters.