🇦🇷 Argentina manages to overturn a historic ruling of US$ 16.000 million in the U.S.

In a key turn for its economy, Argentina managed to annul a court ruling in the United States that required it to pay more than US$ 16.000 million for the nationalization of the oil company YPF in 2012. The decision was made by the Second Circuit Court of Appeals in New York, which overturned the initial ruling issued in 2023.

The court concluded that the original judge misinterpreted Argentine legislation, especially when considering that the YPF statute created enforceable contractual obligations in this case. According to the judges, under Argentine law, there was no such breach, which led to the invalidation of the compensation claimed by the investors.

The case originated after the expropriation of 51% of YPF during the government of Cristina Fernández de Kirchner, when no purchase offer was made to all minority shareholders. This prompted the lawsuit from funds like Petersen Energía and Eton Park, backed by Burford Capital.

President Javier Milei celebrated the ruling as a historic victory, highlighting the financial relief it represents for a country facing high inflation and fiscal constraints.