US court overturns $16.1 bn judgment against Argentina over oil firm seizure [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
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Source: Yahoo! Finance
A US appeals court on Friday overturned a $16.1 billion judgment against Argentina for nationalizing the oil company YPF in 2012. The ruling was a big victory for President Javier Milei as he tries to boost Argentina's troubled economy. "We won the YPF trial," Milei wrote in capital letters on the social media platform X, calling the 2-1 ruling by the 2nd US Circuit Court of Appeals in New York the "best possible outcome." The court struck down a 2023 ruling from Judge Loretta Preska of the US District Court for the Southern District of New York that ordered Argentina to pay $16.1 billion to minority shareholder companies she said were harmed by the nationalization of YPF. The appeals court said Friday that breach of contract claims made by these companies were not recognizable under Argentine law. The case was heard in the United States rather than Argentina mainly because YPF is listed on the New York Stock Exchange. Jurisdiction was consistently an issue, as Argentina
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