“The appellate court determined that the allegations in the complaint, which alleged conduct occurring almost entirely in Venezuela, did not trigger U.S. jurisdiction,” said Miami attorney Michael Diaz, Jr. managing partner of the global law firm of Diaz Reus and Targ, LLP. Diaz led the firm’s defense team, which included partners Carlos F. Gonzalez and Gary Davidson.

Casa Casuarina LLC, owner of a landmark Miami Beach villa once owned by designer Gianni Versace, is suing its mortgage holder German bank WestLB for alleged deceptive and illegal actions, the lawsuit asserts. Miami international litigation firm, Diaz Reus & Targ, LLP, and co-counsel, attorney Adam Steinberg, are representing the plaintiff.

Michael Diaz, Jr., managing partner at international law firm Diaz Reus & Targ, LLP, has been selected as one of the top “100 Latinos in Miami” for 2011. The selection was conducted by the Fundacion Fusionarte of Spain, a prominent Spanish group specializing in minorities in Europe, Latin America and the U.S.

100 Latinos recognizes individuals from a variety of professional backgrounds in the South Florida area who contribute to the economic, social and cultural development of the region. Through example, these individuals bring awareness to the positive aspects of their culture.

Robert Lee, Diaz Reus partner in the firm’s Orlando office, has been named to the 2012 Advisory Board of The Accountant | Attorney Networking Group of Florida (AANGF). As an Honored Advisory Board Member, Mr. Lee will provide professional guidance in his field of expertise and offer suggestions to help the AANGF to accomplish and achieve its long term goals and ongoing networking events.

Diaz Reus & Targ, LLP partners Michael Diaz, Jr., Gary E. Davidson and Carlos F. Gonzalez were selected the 2011 “Most Effective Lawyers” in the international law category by The Daily Business Review’s editorial staff. The firm was previously recognized for the international category in 2007 and 2009.

Brazil, as the world’s fifth largest country in land area and population, presents great market opportunities as the seventh largest economy in the world. Product or service suppliers can enjoy great returns on their investments in the Brazilian market, but need to understand key legal differences between their familiar home markets and the Brazilian market. This article will discuss relevant provisions under the Brazilian Consumer Protection Code (Law Number 8.078 of September 11, 1990), referred to as the CPC.

On July 13, 2011, the Innovative Design Protection and Piracy Prevention Act, (“IDPPPA”), was yet again introduced in the United States House of Representatives. It was previously introduced in 2006, 2007, 2009, and 2010. The IDPPA, if enacted, will impact designers, manufacturers, and retailers alike.

Bernard Madoff’s Ponzi scheme swindled unsuspecting investors out of billions of dollars of their hard-earned c ash. As the mastermind behind what is possibly history’s largest and most sophisticated act of financial fraud, Madoff has ruined countless lives. While Madoff has been punished for his acts, those who assisted him with his fraud have not. Government regulators and overseers who turned a blind eye to Madoff’s deception have escaped liability unscathed. The army of professionals who helped Madoff manage and operate his schemes may never be held legally account able for their assistance. Nevertheless, the trustee, Irving Picard, is making significant progress in collecting money for the victims of Madoff’s scheme. And, as new theories of liability emerge, it is possible that even more money will be recovered for Madoff’s victims.

It is no surprise that foreign investment interest in Brazil has increased recently. The country’s booming economy has justified the legal and regulatory hurdles foreign companies and individuals face in order to enjoy the benefits from the world’s eighth largest economy.

Fueled by tremendous growth potential and an increasingly progressive regulatory environment, the Middle East is fast becoming a hotbed of M&A activity.  Today, for example, the UAE is experiencing an upsurge in cross-border merger and acquisition activity.  As a result, dealmakers throughout the Gulf Cooperation Council, including Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait, should be ready to strike while the proverbial iron is hot.  As dealmakers survey the wealth of opportunities available in the region, they should be alert to certain trends particular to the Middle East.  This article offers a brief overview of key issues to keep in mind as deals unfold. 

WSRadio.com podcast | Q&A with Michael Diaz Jr. on opportunities in the global economy, despite the recent hardships for small and mid-size domestic businesses.  Although U.S. regulatory law tends to handcuff U.S. companies expansion into emerging markets "It is not the time to quit," says Diaz."Refocus, retrofit, and you will succeed."

What do the Congo, the U.K., Mexico and Colombia have in common? How do legal and political developments in these countries impact corporate boards in the U.S.? If these questions leave you scratching your head, you are not alone. Board members are quickly waking up to the realization that a mix of U.S., European and Latin American laws may dramatically change the way domestic companies do business at home and abroad.

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Brazil’s economic and social climate is like no other. It is big, fast and incredibly lucrative. But, this global player is not yet a global leader. Investors looking to capitalize on the Latin American tiger must keep in mind that Brazil’s laws and regulations are still catching up. In fact, Brazil is currently in the bottom 60 of 187 countries ranked by the World Bank for “ease of doing business.” The potential pitfalls facing dealmakers are well-illustrated in the M&A context.

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Colombia's recent efforts to improve economic policy and domestic security have increased confidence in the business sector. Colombia has the fourth largest economy in South America and is the continent’s third-most populous nation. The country also has abundant natural resources, including substantial oil reserves. For these reasons, Colombia offers numerous business and trade opportunities for foreign investors.  Click here to continue reading this article...

Brazil business climate is still challenging and needs to improve, experts say.

Carol Incarnacao-Schirm, attorney at Diaz, Reus & Targ: The question should not be so much whether these problems are as bad as the rankings suggest, but rather whether the approach which Brazil has taken in 'doing business' is compatible with its new role as a global player. Brazil has had a unique trajectory and went from being the country of tomorrow, to being the country of today through a myriad of policies that not always are seen as that of a global leader.  At the forefront of the country's agenda is infrastructure. In any case, arguably, things have improved, otherwise these issues would not be topics of discussion around the world. 

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Now is the time to invest in Brazil. Its economy is ranked among the top ten in the world. Brazil’s new president has promised important reforms, especially with respect to the country’s complex and outdated tax laws. And with Brazil set to host the 2014 FIFA World Cup and 2016 Olympic Games, the world will be paying close attention to this South American powerhouse for years to come. Brazil’s rapidly growing marketplace and improved corporate and regulatory structures will certainly continue to attract significant foreign investment. And, as money continues to pour in, investors will want to be on the ground. In order to do business in Brazil, however, foreign investors must first obtain the proper visa. While this is not a complicated process, it is important to select the correct visa.  Click here to continue reading entire article...

At Diaz, Reus & Targ, LLP, we strive for excellence and our efforts have been recognized by the Florida Trend Magazine. In addition to recently receiving the highest Martindale Hubbell AV rating, Robert Q. Lee, Partner and Chief Representative of the firm's Shanghai Office, was selected by Florida Trend for its 2011 Florida Legal Elite Award. 

With its strong economy, the Brazilian market today is one of the world’s most appealing destinations for international businesses and investors. Companies from North America, Europe, the Middle East and Asia are starting or expanding their operations there. In 2010 Brazil received $48.5 billion USD in foreign direct investment (FDI) – the third highest in the world. Notwithstanding the vast potential of this lucrative market, foreign companies entering Brazil must be ready to confront a multitude of unfamiliar corporate compliance challenges.

Foreign investors and companies alike must learn to navigate Brazil’s maze of laws and regulations, while understanding its bureaucracy. This article identifies and analyzes five of the major corporate compliance issues facing the modern foreign investor looking to succeed in Brazil.

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The prevailing economic winds have not discriminated amongst their casualties.  Whether they are participants in private commerce or the public governmental sector, all economic players have been affected by the forces of economic gravity in some way, shape or form. 

Commercial entities and natural persons, whether or not in dire financial straits, may resort to Chapter 11 to restructure various obligations.  The Bankruptcy Code, 11 U.S.C. § 101, permits businesses and individuals to, among other things, restructure secured (and unsecured) obligations; reject burdensome leases contracts and agreements; dispose of assets; and compromise claims. 

These powers and the remedial purposes of the Bankruptcy Code and Chapter 11, in particular, are aimed at preserving the debtor as a going concern. 

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Finding Qatar on a map may be as difficult as learning how to pronounce the country's name. But analysts say that shouldn't stop investors from targeting the small desert nation—as long as they understand the business culture and the risks in a region erupting with political strife.

That inflow of investment into Qatar has already started, says Arti Sangar, a partner at the international law firm of Diaz, Reus & Targ.

"Economic growth in Qatar has spurred interest from a broader class of investors," says Sangar, who has dealt with private equity investments in the Middle East. "Besides infrastructure, there are opportunities in the financial sector as Qatar wants to be a regional hub for foreign financial institutions."

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The impact of Bernard Madoff's $18 billion Ponzi scheme will be felt for a long time to come. With Madoff in prison, his assets seized and sold, lawyers for his victims must now turn to other sources to make their clients whole. Enter the banks.

Madoff handled billions of dollars. Those funds came from many unsuspecting individual and institutional investors, and were funneled through a maze of accounts spanning the globe. Even if government regulators were asleep at the switch, it is difficult to believe that all of the many financial institutions that handled Madoff's money were oblivious to what this fraudster was doing. At least that is how lawyers representing defrauded investors see the situation. To them, the financial institutions that Madoff used as part of his scheme have become a piggy bank from which they will recover their client's losses. And federal law is providing these lawyers with plenty of ammunition.

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The lawyers for a group of holders of defaulted Argentine debt have said that they will continue to pursue Banco de la Nación (BNA), just days after a US district court dismissed a case against Argentina and the bank.

"While we continue to believe that there is more than enough evidence in the record to establish our claim that BNA is in fact Argentina’s alter ego, we understand the court’s ruling in this matter," said the plaintiff’s counsel Carlos Gonzalez, from Diaz Reus & Targ LLP.   Click here for full story...

After fighting a multimilliondollar judgment for more than a decade, a member of Venezuela’s prominent Cisneros family consented during trial to pay a Venezuelan bank for defaulted loans. Three days into a Miami-Dade Circuit jury trial last week, attorneys for Milagros Cisneros Fajardo agreed she would pay the full $9.25 million amount demanded by Banco Latino.

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World interest may be focused on the dramatic political changes taking place in North Africa, but the continent’s energy industries are still booming. Africa’s oil and gas landscape is changing fast, with commercial battling taking place between Western companies and Asian players. Ghana, Kenya, Nigeria and Angola have become sites of intense oil and gas exploration. With more companies entering the continent each year, investment commitments and numbers of projects executed are rising.

Pipeline spoke to Michael Diaz Jr., a lawyer with Diaz Reus & Targ, the international law firm with offices around the world including Dubai, UAE.

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In recent years, the terms "Ponzi scheme," "financial fraud," and "mon­ey laundering" have become unfortunate household names. Fraudsters like Bernard Madoff have given new meaning to the term "financial

fraud," leaving behind a trail of tears and siphoned funds. This new wave of criminal audacity has prompted both the government and private citi­zens into action. Victims, many of whom were forced into bankruptcy, are now filing suit against either the "plotters" themselves or financial institu­tions that, neglecting proper oversight, have authorized transactions that facilitated these schemes. Asset hunters have teamed up with former FBI, Customs, and DEA agents to assist in tracing and recovering assets for these victims. At the same time, the U.S. government has instituted sig­nificant reforms, including a comprehensive overhaul of its existing asset forfeiture program and further legislation to stop these fraudulent schemes before they ruin the lives of more victims. The goal: to form a united front against common foes.  Click here to read more...

As the architect of the largest Ponzi scheme in recorded history, Bernard Madoff swindled investors out of billions. His actions ruined the lives of countless individuals and, for that, he has been properly punished. The same, however, cannot be said for those that helped Madoff pull off his scam.

Government regulators, some of whom suspected Madoff — but did not stop him — appear to have escaped any significant scrutiny, save for what their own consciences may dictate. The army of individual professionals who helped Madoff manage and operate his schemes may likewise never be called to task for their own infractions. Nevertheless, the bankruptcy trustee, Irving Picard, has made significant progress in collecting huge sums of money for Madoff’s victims. And, as new theories of liability emerge, it is possible that even more money will be recovered.

One such theory targets the banks that helped funnel the proceeds of Madoff's crimes. Indeed, banks are becoming a potential piggy bank for defrauded investors to chase — and for good reason. Banks now have the ability to truly identify their customers; to monitor their accounts; and to detect and report suspicious activity to regulators and law enforcement agencies around the world.   Click here to read more...

According to a January report from Cornerstone Research, Chinese companies listed on U.S. stock exchanges were hit with 12 securities class action complaints in 2010.While that number may seem small, it made up 42.9 percent of the filings against all foreign issuers listed on U.S. exchanges.

Securities class action filings against Chinese companies have continued apace in 2011, with at least three having been launched as of Feb. 4.

But the relatively large number of suits against Chinese companies is hardly surprising, given that between 200 and 250 Chinese companies are listed in the U.S. right now, said Robert Q. Lee, a partner at Diaz Reus & Targ LLP who heads the firm's office in Shanghai.

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This article challenges the wisdom behind the whistle-blower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act by identifying three key drawbacks that belie this ill-conceived legislation. First, by conditioning whistle-blowers' rewards upon the receipt of  "original information," the Dodd-Frank gives employees a strong financial incentive to bypass their companies' internal reporting systems and directly report FCPA violations to federal law enforcement. This severely undermines the viability of existing corporate compliance programs and runs counter to long-established goals of federal enforcement policy, depriving companies of critical sources of internal intelligence that are necessary to implement corrective measures.  Click here to read more...

On July 21, 2010, President Obama signed the Dodd‐Frank Wall Street Reform and Consumer Protection Act (“Dodd‐Frank” or the “Act”) into law. Despite its title, Dodd‐Frank’s mandate goes beyond a comprehensive overhaul of existing financial services regulations. Several of the Act’s core provisions, most notably the “Securities Whistleblower Incentives and Protection” provision, will significantly impact the day‐to‐day operations of multinational businesses outside of the financial sector. Such impact is especially pronounced in these companies’ continuing efforts to comply with the Foreign Corrupt Practices Act (“FCPA”).  Click here to read more...

Carlos F. Gonzalez, a partner at Diaz, Reus & Targ, analyses the reasoning behind the New York Court of Appeals’ recent decision on the in pari delicto defense and forecasts the impact the Delaware Supreme Court’s application of that opinion in a case against AIG’s accountants and auditors will have on shareholders’ ability to sue advisers for aiding corporate fraud.  Click here to read more...

The U.S. Sentencing Commission issued several amendments to the Federal Sentencing Guidelines in 2010. Among the amendments are two that deal specifically with corporations or "organizational defendants."

The first amendment changes the presumption that a compliance program is not effective where senior executives are somehow involved in the charged criminal conduct, while the second clarifies the standard for determining whether a corporate compliance program is effective. We highlight these key amendments, and their practical impact.  Click here to read more...

Miami resident Sumeet Chugani, an attorney at international law firm Diaz Reus & Targ, LLP, was recently elected 2011 president-elect for the South Asian Bar Association of Florida (“SABA” Florida), one of over 20 chapters serving the United States and Canada. He is also a board member of the India-US Chamber of Commerce of South Florida.

SABA Florida promotes the professional development of South Florida lawyers and law students who are interested in issues concerning the South Asian community. The organization also enhances business and professional opportunities for attorneys and law students interested in South Asian issues; increases the participation of South Asians in civic affairs and government; and facilitates the exchange of ideas and information regarding pro bono and other civic activities to the South Asian community.

Chugani is an internationally trained attorney focused on international business matters and trade between India, Southeast Asia and Latin America, as well as   arbitration, white collar crime, complex civil and appellate litigation, bank secrecy laws, and money-laundering compliance. A graduate of North Carolina State University and the University of North Carolina School of Law, he previously worked for Harry Elias Partnership in Singapore, K & L Gates in Pittsburgh, Pennsylvania and GlaxoSmithKline in Durham, North Carolina.

As one of China’s most reliable suppliers in agricultural products, Latin America is making strides to fulfill China’s mounting needs. To accommodate that rising demand, Latin America has drastically increased its harvesting of soybeans — the most significant commodity needed to sustain China’s population. For the Chinese, soya is a versatile product used for soy flour, soy milk, soybean oil, tofu, textured vegetable proteins and soy sauce, a Chinese staple.

With a population of 1.3 billion, China is the largest soybean importer in the world, consuming about 40 million tons annually. Forecasters predict that China may soon import over 50 percent of global soybean production.

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When Chinese President Hu Jintao took his first tour of Latin America in 2004, he left a whirlwind of multibillion-dollar investment pledges, trade commitments and cooperation agreements in his wake, leaving the door open for increased Sino–Latin American economic ties. He returned to the region again earlier this year, opening the door a bit further, perhaps mindful that other Asian tigers are quickly following suit to seek Latin American opportunities of their own.

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On July 11, 2010, Spain midfielder Andrés Iniesta scored a sensational goal in extra time to put Spain ahead of the Netherlands.  Spain went on to win the 2010 World Cup.  Iniesta, named the man of the match, instantly etched his name in World Cup history and Spanish folklore.  However, there was another unsung hero of the World Cup.  This hero never marched on the pitch.  But it did have the backing of a nation.  
Mahindra Satyam, an up-and-coming IT Company from India, was the official technological service provider for the World Cup.  Mahindra Satyam permitted anxious fútbol fans around the world to watch their respective national team fight for the World Cup Trophy.   Read more...

 Venezuelan fugitive and dissident Eligio Cedeño has failed to bring most of his conspiracy and extortion charges against Venezuelan government officials and business figures in the US courts. US District Judge Jed Rakoff, who issued his ruling on 24 August, said that the Racketeer Influenced and Corrupt Organizations Act (RICO) could not be applied to the acts alleged by Cedeño.

"It was a correct ruling on the law and a significant victory for the Venezuelan authorities who have asked the U.S. for the extradition of Cedeño," said Michael Diaz, Jr.,  partner at Diaz, Reus, & Targ, LLP and counsel to Venezuelan businessman Ruben Rogelio Idler Osuna, one of the defendants. Read more here.....

The editorial staff of Latin Business Chronicle has taken a closer look at some of the leading attorneys from international law firms that are involved in the growing legal boom in Latin America. Michael Diaz Jr. among top selections. Read more....

Miami, FL (PRWEB) August 31, 2010 -- On Friday, August 27, Taiwanese businessman Yi-Lan "Kevin" Chen was sentenced to 3 1/2 years in federal prison by U.S. District Court Judge Adalberto Jordan, successfully avoiding a severe sentence for his role in the sale of "dual purpose" electronics to Iran in violation of U.S. laws and Office of Foreign Assets Control (OFAC) regulations.

Chen, 40, had faced up to 20 years on each of three charges after he was arrested in February in Guam for his involvement in a shipment to Iran of some 8,500 glass-to-metal seals and 120 military-grade connectors. U.S. Commerce Department investigators said Chen had arranged at least 30 banned shipments to Iran since 2007, falsely telling U.S.-based suppliers that the goods were destined for Hong Kong or Taiwan.

Chen's attorney, Robert Targ of Diaz Reus & Targ, said: “Kevin allowed himself to be drawn into this scheme that ran counter to his otherwise exemplary life as a businessman.”

Michael Diaz Jr.  added: “We are both relieved and pleased that our hard work and efforts paid off and persuaded the District Court Judge and the U.S. Attorney’s Office that this was an isolated event driven largely by a fundamental misunderstanding by Chen, an Asian businessman engaged in international trade with Iran without knowing the real consequences of violating the trade embargo and U.S. OFAC regulations.”

A Taiwanese businessman was sentenced Friday to 3 1/2 years in U.S. prison for violating the Iran trade embargo by arranging illegal shipments of parts that can be used for military or nuclear purposes, including in missiles and unmanned drones.

Yi-Lan "Kevin" Chen, 40, had faced up to 20 years on each of three charges, but U.S. District Judge Adalberto Jordan cited Chen's remorse, lack of prior criminal record and immediate admission of guilt as reasons for a lighter sentence.

Chen was arrested in February in Guam in the midst of a transaction to ship to Iran some 8,500 glass-to-metal seals and 120 military-grade connectors.

Chen's attorney, Robert Targ, of Diaz Reus & Targ in Miami, Florida said the scheme ran counter to Chen's otherwise exemplary life as a businessman. Read more here....

Given the unfathomable magnitude of the ongoing BP oil spill in the Gulf of Mexico, the announcement of a federal criminal investigation didn’t come as a particular surprise. While few companies will ever face a debacle of this magnitude, the case provides in-house counsel with object lessons on criminal environmental liability, crisis management and the growing need to play a greater role on the operations side of corporations.

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President Obama was elected on a platform of change. Yet, when it comes to appointing federal judges, especially justices to the U.S. Supreme Court, change is the last thing we have seen. Consider Elena Kagan. I was disappointed by her nomination, not because I disagree with her views on key issues, but because she so easily fits into what has become the mold for a Supreme Court justice. Now, I am confident that Kagan will make an excellent judge. Her educational and professional qualifications are impeccable, her intellectual capacity unquestionable. My beef is different. I am concerned that eligible justices are being vetted against a set of criteria that is so limited that we are excluding many competent men and women from the Court. The last three individuals to be appointed and confirmed have all shared similarly impressive backgrounds — elite schools, followed by a period of public service, culminating in the most prestigious judicial appointment in the land.

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Submitted by Steven Meyerowitz

We recently spoke with Michael Diaz, Jr., the Miami-based managing partner at Diaz, Reus & Targ, LLP, who has spent more than 20 years in private practice defending and investigating Latin American money laundering and public corruption cases. A Cuban-born bilingual international attorney, Diaz (pictured) is a former U.S. government prosecutor who investigated and prosecuted highly publicized corruption, economic, drug, and other cases. Excerpts from his remarks appear below.  

“Beware when doing business in Latin America. Thanks to well financed and growing Chinese and Middle Eastern investment there, fraud and bribery are growing as well. Business practices considered unethical, fraudulent, and illegal in the United States, such as bribery and financial ‘favors,’ are largely tolerated and thriving in the developing regions of the Western Hemisphere, with little risk to the perpetrators.

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On Friday, a Florida court overturned a lower court's ruling that the Peruvian government must pay US$5 million plus interest to Guevara, arguing that under US law sovereign governments are protected from lawsuits in the country.

Michael Diaz, of Miami firm, Diaz, Reus & Targ, LLP, says, 'The critical need and ability for law enforcement and government agencies around the world to maintain their credibility to compensate those who are willing to take risks, stepping forward and providing information and cooperation in exchange for a promise of reward money, has taken a mighty blow if this opinion is to stand.'

Peru offered a US$5 million award in 2001 for the Montesinos' capture, who was wanted on charges of drug dealing, money laundering, arms trafficking, extortion and murder.

ATLANTA -- A federal appeals court has blocked a reward of more than $10 million for a Venezuelan man who helped Peru capture a notorious spymaster in a tantalizing case that the panel said "read like the latest spy thriller."

The 11th Circuit Court of Appeals issued a 2-1 ruling Friday reversing a judge's decision that Jose Guevara should get the $5 million reward plus at least $5 million interest. The ruling concluded that Peru was shielded by U.S. laws that protect sovereign governments from lawsuits.

"We are honored to represent ProMexico at the World Expo in Shanghai," said Michael Diaz, Jr., Diaz Reus managing partner. "Our global firm and ProMexico share the same strategic vision, and the World Expo offers an exciting venue for both of us to effectively promote international trade between the two regions and around the world."

Eager to promote international trade between Mexico and China (and Asia more generally), ProMexico – the government institution responsible for strengthening Mexico’s participation in the global economy – has entered into an exclusive agreement with Diaz Reus & Targ LLP, under which the firm will serve as legal advisors to the Mexican delegation during the World Expo in Shanghai.

JD Supra Featured Q&A: Michael Diaz Jr.

Cuban-born Miami attorney Michael Diaz, Jr. earned his stripes as a prosecutor under Janet Reno in the 1980s after graduating from the University of Miami School of Law. He went into private practice in 1990 and subsequently founded Diaz Reus, a noted international law firm focused largely on international financial fraud, including recouping assets for victims of alleged Madoff and Stanford Ponzi schemes. He spoke to us from his Miami office.

A US judge has frozen $2.43bn of Argentine assets in the US at the behest of class-action plaintiffs, dealing a blow to Argentina as it hopes to win over creditors holding some $18bn in unpaid debt since its 2001 default.

The embargo comes less than a week after Amado Boudou, the economy minister, revealed that the take-up for the early tender period of the swap – in which institutions could sign up without incurring penalties – was $8.5bn, lower than $10bn expected before.

Economy ministry officials could not be reached for comment on the embargo ruling.

Michael Díaz, a lawyer for the plaintiffs, told the Financial Times that the order in no way interfered with Argentina’s swap, which runs until June 7 and which the government hopes will close the chapter on its painful default and allow it to return to raising money on global markets.

May 24 (Bloomberg) -- U.S. District Judge Thomas Griesa can walk down the streets of New York unrecognized, even after handling Chrysler LLC's bankruptcy and a trademark lawsuit last year by film director Woody Allen.

In Argentina, where for more than seven years a return to international capital markets has rested on his rulings, the 79- year-old, semi-retired judge is a star. Buenos Aires newspapers kept his face on front pages as judgments for defaulted bonds in his court piled up to about $6.4 billion. When he agreed not to impede an $18.3 billion bond swap, they portrayed him as a hero.

Eight plaintiff class-action groups holding defaulted Argentine bonds obtained a ruling from Griesa in a $2.43 billion case, Diaz Reus & Targ, LLP said in a statement on Marketwire today.

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The timing is terrible for Argentina. Less than a week after it announced the take-up in the early phase of its debt swap was lower than had previously been expected ($8.5bn compared with expectations of more than $10bn), US judge Thomas Griesa has now embargoed $2.43bn in assets held by Argentina’s state Banco de la Nación in the US in response to class-action lawsuits.

NEW YORK (May 24) – In response to a request from eight plaintiff class-action groups holding defaulted Argentine bonds, U.S. District Court Judge Thomas P. Griesa today issued a restraining order that freezes up to $2.43 billion in Argentine government assets held by Banco de la Nación Argentina.

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On February 18 & 19, 2010, the Florida International Bankers Association hosted its 10^th Annual Anti Money Laundering Conference in Miami, Florida.  Diaz Reus & Targ, LLP proudly returned as a Platinum Sponsor of this important conference for the fourth year in a row.  At this year’s gathering, attorney Carlos F. Gonzalez, a partner resident in the Firm’s Miami and Shanghai offices, participated in a panel discussion entitled, “The Convergence of Financial Fraud and AML.”  The session, attended by nearly 1,000 participants, explored the new role banks and other financial institutions will play in fighting the massive frauds that characterized 2009.  Read the summary of Mr. Gonzalez’s remarks here.

 Dubai: A High Rise, Then a Steep Fall

By CHIP CUMMINS, STEFANIA BIANCHI and MIRNA SLEIMAN

DUBAI -- As financial crisis roiled much of the world in October 2008, the head of Dubai's biggest state-owned developer unveiled his latest megaproject: a $38 billion development that would include a tower nearly two-thirds of a mile tall.

"I'm sure most of you are asking why we're launching this, and you'd be mad not to question it," said the executive, Chris O'Donnell, at a news conference. Though there would be economic ups and downs in the years needed to build the tower, he told listeners, demand would continue to outstrip supply.

"The fundamentals in the market are too strong," he said. "There won't be a crash."

Since then, residential real-estate prices in Dubai have slumped by almost 50%. Developers have slashed jobs and scrapped projects. Groundbreaking on the tower was long ago put on hold. The yearlong retrenchment culminated in last week's surprise announcement that Dubai would seek to restructure $26 billion of debts owed by Dubai World, the holding company for many of the government's port, infrastructure and real-estate businesses.