Overview
- Second Circuit judges José Cabranes, Denny Chin and Beth Robinson heard oral arguments on the YPF case, with a decision expected in early 2026.
- Argentina seeks to overturn Judge Loretta Preska’s roughly US$16.1 billion judgment over the 2012 expropriation, while Burford Capital urges affirmance and challenges YPF’s lack of liability.
- The government’s appeal argues sovereign immunity under the FSIA, misapplication of New York law including the turnover mechanism, act-of-state and comity principles, and excessive damages with an 8% interest rate.
- Argentina separately appeals Preska’s order allowing partial satisfaction of the judgment with YPF shares, an order now stayed after the U.S. Department of Justice opposed compelling a share transfer.
- In parallel discovery, Argentina says it will seek consents from about 35 current and former officials to produce emails and chats, including from Luis Caputo and Sergio Massa, as plaintiffs probe potential ‘alter ego’ links to target assets.