From MercoPress · · 50s
Argentina awaits Supreme Court after YPF case closed
US court closes $18bn YPF case as Argentina waits for Supreme Court review.
In brief
US court closes $18bn YPF case as Argentina waits for Supreme Court review. Argentina's $18 billion debt to US over oil company YPF expropriation is finalized at first instance, pending Supreme Court review. Originally reported by MercoPress.
US court closes YPF case
New York federal judge Loretta Preska vacated her 2023 judgment ordering Argentina to pay over $16 billion for oil company YPF expropriation.
“Preska's judgment, which exceeded US$18 billion with interest, was the largest ever imposed on a state by a US court”
Case closed at first instance
Preska's order incorporates the Second Circuit Court of Appeals ruling that overturned the judgment on March 27.
“The Second Circuit Court of Appeals overturned the judgment on March 27”
Argentina's response
Treasury sources called the step a 'merely procedural' step the government expected to take.
“We will continue to defend the interests of the State”
Next steps
US Supreme Court may review the case but has no deadline to decide after receiving 7,000-8,000 petitions per term.
Here's the gist
Argentina's $18 billion debt to US over oil company YPF expropriation is finalized at first instance, pending Supreme Court review.
