Argentina is no longer obligated to pay a $16.1 billion judgment related to the 2012 nationalization of its state-owned oil company, YPF On Friday, a U.S. appeals court overturned a 2023 ruling that had awarded the massive sum to minority shareholders
The case originates from Argentina's decision over a decade ago to expropriate a majority stake in YPF. While the initial move aimed to give the state control over its key energy asset, it triggered a lengthy and costly legal battle. Minority shareholders filed suit, arguing they were not fairly compensated during the state takeover, leading to the initial judgment against the South American nation in 2023
The United States Court of Appeals for the Second Circuit has now reversed that decision, relieving Argentina of a significant financial liability The ruling effectively nullifies the damage award that had been a point of major concern for the nation's finances. The judgment had been one of the largest of its kind against a sovereign nation in a U.S. court. This decision marks a pivotal turn in the long-running legal dispute, though the specific reasoning behind the appellate court's decision was not detailed in initial reports
ISN MEDIA
