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Argentina Finds Potential Hope of $16.1bn YPF Lawsuit Being Overturned
October 30, 2025
A US appeals court signaled it may overturn the $16.1bn judgment against Argentina over its 2012 nationalization of oil firm YPF, suggesting the case should have been tried in Argentina, not the US. Two of the three judges on the second US Circuit Court of Appeals expressed support for Argentina’s stance that local courts should interpret Argentine law. If overturned, the decision would be a major setback for Burford Capital, which funded the litigation. The original ruling by Judge Loretta Preska awarded $14.4bn to Petersen Energia and $1.7bn to Eton Park Capital for losses from Argentina’s expropriation of YPF shares without a tender offer. President Javier Milei’s government warns that paying the award, now about $18bn with interest, could cripple the debt-laden economy despite recent fiscal improvements and US’s offer of a potential $40bn bailout. The appeals court has not said when it will rule. A separate order requiring Argentina to turn over YPF shares is currently on hold pending appeal.
Argentina’s dollar bonds traded stable with its 3.5% 2041s at 64.5, yielding 10.81%.
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