This month, we discuss Atlantica Holdings v. Sovereign Wealth Fund Samruk-Kazyna,1 in which the U.S. Court of Appeals for the Second Circuit decided, in an issue of first impression, that a sovereign wealth fund owned by a foreign government is not immune under the Foreign Sovereign Immunities Act (FSIA) from a lawsuit alleging that it misrepresented an affiliate’s debt notes to investors.
At issue in Atlantica Holdings was “whether the FSIA immunizes an instrumentality of a foreign sovereign against claims that it violated federal securities laws by making representations outside the United States concerning the value of securities purchased by investors within the United States.”2
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