* Argentina’s government has said that it will appeal a recent ruling issued by Loretta Preska, a US judge from the Southern District of New York district court, ordering Argentina to pay US$16.1bn to minority shareholders of state-controlled oil company Yacimientos Petrolíferos Fiscales (YPF) due to the government’s nationalisation of a majority stake in the firm in 2012. In her final judgement issued on 15 September, Preska ruled in favour of a lawsuit pursued by UK-headquartered litigation finance provider Burford Capital, ordering Argentina to pay US$14.38bn to Argentina’s Petersen Energía (comprising US$7.53bn in damages and US$6.85bn in interest) and US$1.71bn to the US’s Eton Park Capital, (US$897.75m in damages and US$816.58m in interest). The case dates back to 2012 when then president Cristina Fernández (2007-2015) expropriated 51% of the shares of YPF. Spain’s Repsol, which held a portion of these shares, received compensation in 2014.
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LatinNews Daily - 18 September 2023
In brief: Argentina to appeal US$16bn YPF ruling
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