Overview
- The U.S. Court of Appeals for the Second Circuit formally rejected Burford Capital’s request for a full‑court rehearing on June 2, 2026, leaving the March panel decision intact.
- That March ruling had reversed a 2023 District Court award of roughly US$16.1 billion by finding Argentina’s expropriation law took precedence over YPF’s corporate statute for the claims at issue.
- Burford now has 90 days to seek review by the U.S. Supreme Court but company filings and legal analysts say the odds of certiorari are low, so the fund is preparing a CIADI arbitration under investor‑state rules.
- Argentina and YPF hailed the decision as a major legal win that removes immediate execution risk, allows YPF to pursue its business plan without the contingent liability, and gives the government room to say the case may close this year.
- Material risks remain because a CIADI claim could be lengthy and costly, discovery from the U.S. litigation may be reused in arbitration, and Burford’s financial position and market value were already hit after the March reversal.