For more than a decade, the Republic of Argentina fought tooth-and-nail to fend off bondholders–the country long derided them as “vultures”–looking to force a full payout on billions of dollars in defaulted sovereign debt.

But after years of refusing to obey court judgments in the U.S., Argentina changed its tune after a new president took office last year, and in February the government hired new lawyers at Cravath, Swaine & Moore to finally put the litigation behind it. On Wednesday, Cravath and its appellate co-counsel at Bancroft vindicated Argentina’s strategy at the U.S. Court of Appeals for the Second Circuit, helping the country regain its footing on the global financial stage.

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