US EditionUS appeals court pauses investors’ efforts to trace Argentine assets in YPF case
The U.S. Court of Appeals suspended asset tracing linked to a $18 billion judgment against Argentina until appeals conclude, delaying investor recovery efforts, analysts said.
- On Wednesday, the U.S. Court of Appeals for the Second Circuit halted asset-discovery efforts by Petersen Energía and Petersen Energía Inversora, pausing attempts to trace central bank gold bars.
- Earlier this month Argentina requested suspension of the discovery process on March 6 while oral arguments in October left the appeal decision pending.
- U.S. District Judge Loretta Preska awarded a $16.1 billion judgment that has risen to more than $18 billion with interest and ordered transfer of a 51% controlling stake in YPF in June.
- Investors cannot advance enforcement until appeals are resolved, delaying collection efforts as plaintiffs have struggled to seize Argentina's 51% YPF stake, Latam Advisors analyst Sebastián Maril said Wednesday.
- With thin reserves, Argentina's fiscal position matters as it navigates the judgment, bolstered by a $20-billion U.S. line of credit, while President Javier Milei paid down the $2.5 billion swap.
32 Articles
32 Articles
Associated Press News
US appeals court pauses investors' efforts to trace Argentine assets in YPF case
A U.S. Appeals court temporarily paused efforts by investors to identify Argentina’s assets in the United States in order to collect on a $16 billion judgment in a case about the 2012 nationalization of the South American country’s largest energy company.
According to the appeal court ruling, the holders of the 2023 judgement granting them compensation of $16.1 billion ($14,009 million) for such expropriation will have to wait for a federal court to review the case.
Sebastian Amerio, recently appointed to head the Treasury Office, obtained temporary relief in the U.S. courts by obtaining the suspension of all lawsuits related to the YPF expropriation trial. The decision seeks to curb the execution of an adverse sentence while resolving the substantive issue in the international courts, postponing a conflict that threatens the stability of public accounts. The New York Court of Appeal ruled that no lower cou…
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