Following The Hellenic Republic’s 2012 sovereign debt restructuring, in which Cleary Gottlieb acted as international counsel to The Hellenic Republic, several former holders of Greek law governed bonds sued The Hellenic Republic before various German courts, challenging the law that provided the framework for the debt restructuring through collective action.
Cleary has been representing the Hellenic Republic on trial and appeal and secured victories in all cases.
Some actions were further appealed to the Federal Court of Justice, which issued its first ruling on these actions on March 8, 2016. The Federal Court of Justice fully confirmed the appellate ruling and dismissed the claims on grounds of State immunity which The Hellenic Republic enjoys in respect of its sovereign acts.