A federal judge in New York has vacated her 2023 ruling that ordered Argentina to pay more than $16bn over the 2012 expropriation of the oil company YPF, formally closing the case at first instance, MercoPress reports.
Judge Loretta Preska's order follows the Second Circuit Court of Appeals decision in March that overturned the award, finding that Argentine expropriation law ruled out the former minority shareholders' claims. The full appeals court declined to rehear the case in June. Argentina's Treasury Attorney's Office called the latest step procedural and expected.
Its future now rests on whether the US Supreme Court hears an appeal sought by Burford Capital, which funds the litigation. The court accepts about 80 of the 7,000 to 8,000 petitions it receives each term. With interest, the original judgment exceeded $18bn, the largest ever imposed on a state by a US court.
Source: MercoPress
