Second Circuit voids $16bn YPF judgment, redrawing Argentina litigation risk
TL;DR
The US Court of Appeals for the Second Circuit overturned a $16bn ruling that Argentina must compensate YPF shareholders, ruling the claims aren’t cognisable under Argentine law; Burford Capital’s shares tumbled on the decision, while YPF stock rose and Argentina welcomed the ruling. The decision reduces the likelihood of payout in the US litigation but leaves room for further appeals.
- US appeals court overturns $16bn Argentina ruling in blow to Burford Capital Financial Times
- US appeals court voids $16.1 billion judgment against Argentina over YPF seizure Reuters
- Argentina Gets $16 Billion US Judgment Tossed on Appeal Bloomberg.com
- US Appeals Court Overturns $16 Billion Judgment Over Argentina Energy Company Nationalization U.S. News & World Report
- YPF appeal loss leads Burford (NYSE: BUR) to flag potential asset write-down stocktitan.net
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