The government of President Javier Milei got reason to hope that its recent political and economic victories would continue in the legal arena when US appeals judges signalled openness to overturning a US$16-billion court judgment against the South American nation.
During oral arguments on Argentina’s appeal, two of the three judges asked sceptical questions about whether the US District Court case that resulted in the massive award, which interest has now swelled to US$18 billion, should have proceeded there. The suit was filed by former shareholders affected by the nationalisation of Argentine oil company YPF SA in 2012.
“It does have a feel like it should have been litigated in Argentina,” US Circuit Judge Denny Chin said during the hearing. “How would we be feeling about letting Argentina decide on issues against the US?”
Shares in litigation funder Burford Capital Ltd, which acquired the ex-shareholders’ interest in the case, fell as much as 15 percent in New York trading during the hearing.
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