John is joined by Dennis Hranitzky, partner in Quinn Emanuel’s Salt Lake City, New York and London Offices,  Head of the firm’s Sovereign Litigation practice and Co-Head of the firm’s Global Asset Recovery Practice.  They discuss various kinds of litigation, arbitration and collection actions against sovereign states. They discuss collection cases against sovereign states resulting from those states’ default on debt instruments, the challenges faced by creditors who hold out after most creditors agree to a debt restructuring arrangement with the sovereign, recent proposed legislation any other government actions favoring sovereigns, the current sovereign debt crisis, and concerns about opportunistic funds who seek profit by collecting on devalued sovereign debt.  They also discuss investor state arbitration generally, for example, after a company has invested in a project in a country and the country fundamentally changes the terms under which the investment was made, such as radically raising taxes as Spain did with respect to renewable energy projects after 2008. They discuss the position taken by the EU that EU courts cannot enforce arbitration awards against EU nations even when the nation entered voluntarily into an arbitration treaty and recent indications that the United States government supports the position of the EU.  Finally, they discuss litigation against sovereigns unrelated to sovereign debt, such as litigation against state sponsors of terrorism including the lawsuit Quinn Emanuel recently filed against Iran on behalf of victims of the October 7, 2023 Hamas attacks.