Overview

• On August 25, the U.S. Second Circuit in New York declined both panel and en banc rehearing in the Aurelius-led dispute over Argentina’s GDP-linked securities.
• The order leaves in place the court’s July 16 ruling that affirmed Judge Loretta Preska’s July 2024 judgment in Argentina’s favor.
• Argentina avoids a potential payout of roughly US$500 million, according to the Procuración del Tesoro, which hailed the outcome under President Javier Milei’s administration.
• Plaintiffs allege Argentina changed the GDP base year in 2013 to sidestep payments, and analysts say they could attempt to refile in district court to cure the no‑action defect.
• In a separate matter, the YPF expropriation appeal is scheduled for oral argument on October 29, 2025, with no immediate ruling expected.