YPF investors ask US Supreme Court to review Argentine legal win
Former shareholders who claim they were harmed by the 2012 nationalisation of YPF ask US Supreme Court to review lower-court ruling on US$16-billion judgement in their favour. Leer más
A group of former investors in Argentina's state-owned oil company YPF SA has petitioned the US Supreme Court to reconsider a March ruling by the Second Circuit Court of Appeals. The investors argue that the March decision was "egregiously wrong, wholly unprecedented, and extremely consequential." The lower court ruled against a US$16-billion judgment awarded to the shareholders due to Argentina's nationalisation of YPF in 2012, which they claim was a violation of the company's by-laws.
The investors' attorney, Burford Capital, had been funding the litigation since 2013 and would have received a significant portion of the award. The investors contend that the Second Circuit Court of Appeals erred by disregarding previous Supreme Court precedents and allowing Argentina's history of defaults to override the interests of overseas investors.
They also claim that Argentina consented to US court jurisdiction in order to attract foreign investment, only to renounce those promises without facing any consequences.
Written by urgent.news from Buenos Aires Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
