US court overturns $16.1 billion judgment against Argentina over oil firm seizure
A US appeals court on Friday overturned a $16.1 billion judgment against Argentina for nationalizing the oil company YPF in 2012.
The ruling was a big victory for President Javier Milei as he tries to boost Argentina's troubled economy.
"We won the YPF trial," Milei wrote in capital letters on the social media platform X, calling the 2-1 ruling by the 2nd US Circuit Court of Appeals in New York the "best possible outcome."
The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay $16.1 billion to minority shareholder companies she said were harmed by the nationalization of YPF.
The appeals court said Friday that breach of contract claims made by these companies were not recognizable under Argentine law.
At: https://www.nbcrightnow.com/national/us-court-overturns-16-1-bn-judgment-against-argentina-over-oil-firm-seizure/article_23824e59-e913-53bb-9588-a939890d7c5f.html
The headquarters of energy firm YPF - Argentina's largest company of any size - looms over Buenos Aires' upscale Puerto Madero ward.
The 2nd US Circuit Court of Appeals in New York ruled that Federalist Society Judge Loretta Preska's 2023 ruling awarding Burford Capital - a litigation vulture fund domiciled in money-laundering hub Guernsey - over $16 billion for a 2012 renationalization in which they took no part, violates Argentine law.
YPF has, since 2012, spearheaded the development of the Vaca Muerta unconventional oil and gas field - which now provided over 60% of Argentina's oil and gas needs.
Its stock price has risen over 13-fold since its July 2022 low.
