Overview

• The Second Circuit in New York declined the plaintiffs’ request for panel or en banc rehearing in the Aurelius Cupón PBI case, leaving its July 16 decision intact.
• The appellate ruling confirms Judge Loretta Preska’s July 2024 dismissal based on the contracts’ No Action clause, which the bondholder plaintiffs failed to satisfy.
• By upholding the procedural defense, the court spared Argentina an estimated liability of about US$500 million without reaching the merits of alleged 2013 GDP data manipulation.
• The outcome contrasts with parallel litigation in London over the euro version of the instrument, where Argentina faces an adverse judgment and has posted about €313 million as appeal security.
• In a separate matter, the Second Circuit set oral argument for October 29, 2025 in the YPF expropriation appeal, while analysts note the Cupón PBI plaintiffs could try to refile to address the No Action issue.