Overview
- The Second Circuit in New York held a 96‑minute oral argument with Judges José Cabranes, Denny Chin and Beth Robinson probing whether the case should be in U.S. courts.
- Argentina asked the panel to overturn Judge Loretta Preska’s 2023 ruling that ordered roughly US$16.0–16.1 billion plus 5.42% annual interest, while Burford-backed claimants urged affirmance and sought to broaden YPF’s liability.
- At least two judges questioned U.S. jurisdiction, and investor reaction was swift as Burford Capital shares fell about 10–15% during trading after the hearing.
- Parallel discovery and enforcement continue, with Argentina notifying Preska it will request officials and ex-officials provide mobile-device communications and seeking an extension to November 21 to coordinate responses.
- A written decision is expected in the coming months, with potential outcomes including reversal, reduction or remand, and further steps could include rehearing or a U.S. Supreme Court petition as Burford flags litigation that could stretch to 2027.