A U.S. appeals court is examining whether Argentina must pay investors US$16.1 billion after taking control of the state-owned oil company YPF more than a decade ago.
The U.S. 2nd Circuit Court of Appeals, based in Manhattan, will review the judgment handed down in September 2023 by District Judge Loretta Preska in favor of two minority shareholders of YPF.
Burford Capital has financed much of the litigation and could receive billions of dollars if the investors prevail. Argentina will likely appeal a defeat to the U.S. Supreme Court.
The outcome is significant for Argentina and its President, Javier Milei, whose party secured a decisive victory in the mid-term legislative elections Sunday.
Argentina had warned that a large judgement could freeze its economy, long-burdened by debt and triple-digit inflation.
