Overview

• Argentina submitted its written appeal to the U.S. Second Circuit on September 26 seeking to overturn Judge Loretta Preska’surnover order tied to the 2012 YPYPF expropriation.
• The brief advances four pillars: protection under the Foreign Sovereign Immunities Act, misapplication of New York’s CPLR 5225 turnover statute to foreign-held shares, a bar on compelling repatriation of sovereign assets, and concerns over diplomatic and legal conflicts including comity and Argentine law.
• The U.S. government filed an amicus curiae supporting limits on executing against foreign sovereign property outside the United States and warning of potential foreign‑relations repercussions.
• Briefing continues with creditors’ responses due in mid‑November and Argentina’s reply by December 12, with a decision expected as early as the first quarter of 2026.
• Argentina cautions that transferring the shares before appeals conclude would cause irreparable harm, and the turnover order remains suspended during the appellate process.