Former YPF SA investors who saw their US$16.1-billion US judgment against Argentina thrown out on appeal last month have told the trial judge that they intend to pursue international treaty arbitration along with further appeals.
A lawyer for the investors on Tuesday asked US District Judge Loretta Preska in New York to let them use evidence from the court case in a planned arbitration. But he said they also planned to continue contesting the appeals court ruling for Argentina.
Preska awarded the plaintiffs the massive judgment in 2023, finding that the Argentine government violated their rights in its 2012 nationalisation of oil company YPF. But the US Second Circuit Court of Appeals reversed her on March 27, saying she misinterpreted Argentine law.
Litigation funder Burford Capital Ltd, which has been financing the suit and would have taken a large share of the award, said after the ruling that it was looking at taking the case to arbitration as well appealing the case to the full Second Circuit or the US Supreme Court.
Burford shares plunged after the Second Circuit’s ruling, and are currently down around 40% since then in both New York and London.
by Bob Van Voris, Bloomberg
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