YPF investors ask U.S. Supreme Court to revive $16.1 bln judgment against Argentina
YPF•YPF•YPF•YPF•Investment firms Petersen Energia and Eton Park petitioned the U.S. Supreme Court to reinstate a $16.1 billion judgment against Argentina, after an appeals court ruled the claims belonged in Argentine courts.
Petersen Energia and Eton Park asked the U.S. Supreme Court to overturn a March decision by the 2nd U.S. Circuit Court of Appeals. That decision overturned a $16.1 billion judgment entered after more than a decade of litigation.
The dispute stems from Argentina’s 2012 nationalization of a 51% stake in YPF from Spain’s Repsol. The investors allege Argentina violated YPF’s bylaws by not making a tender offer to minority shareholders after taking majority control.
The petition challenges whether a foreign sovereign can require claims to be brought in its domestic courts despite jurisdiction established under the Foreign Sovereign Immunities Act. It also questions whether U.S. courts should defer to a sovereign’s interpretation of its own law when first advanced on appeal.
