The court had rescinded the sentence that forced the country to pay USD 16 billion for the nationalization of the oil company.
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The New York Court of Appeals decided to suspend all appeals related to the YPF case, following the ruling in favor of Argentina, achieved by the Government of Javier Milei, who rescinded the sentence that forced the country to pay USD 16 billion for the Kirchner nationalization of the oil company
.
As part of this decision, the court also decided to cancel the hearing scheduled for April 16, at which those appeals were to be heard. The suspension will continue until the ruling in favor of the country is final, in line with the criteria adopted by the House after its resolution.
In parallel, the Burford Fund, the main beneficiary of the litigation, recently requested an extension to review the decision. The request seeks to extend the deadline for submitting a review of the ruling to May 8, arguing that his lead attorney, Paul Clement, has “professional and personal obligations in the coming weeks that would make it difficult for him to prepare an adequate request within the
original deadline.” YPF.
After hearing the favorable resolution for Argentina, the English fund expressed its rejection in a statement. “The decision of the Second Circuit is undoubtedly very disappointing and represents a notable abandonment of the rights of minority shareholders of the New York Stock Exchange
,” they said.
In the same message, Burford warned of the steps to be taken in the litigation: “However, we have always said that there was a risk associated with litigating this case in the US courts, and unless the plaintiffs can overturn this regrettable panel decision, investment treaty arbitration remains a fully viable prospect.”
President Javier Milei.
Throughout the judicial process, Burford had promoted different strategies against the country, including the attempt to have Argentina declared in contempt, the demand for the transfer of state actions in YPF and the quest to demonstrate the existence of an “alter ego” between the oil company, other companies and organizations, and the State itself
.
With the suspension of the appeals and the cancellation of the scheduled hearing, the case enters a new phase, waiting for the ruling favorable to Argentina to be final in the New York courts.
