US EditionUS appeals court pauses investors’ efforts to trace Argentine assets in YPF case
The U.S. Court of Appeals suspended asset tracing linked to a $18 billion judgment against Argentina until appeals conclude, delaying investor recovery efforts, analysts said.
- On Wednesday, the U.S. Court of Appeals for the Second Circuit halted asset-discovery efforts by Petersen Energía and Petersen Energía Inversora, pausing attempts to trace central bank gold bars.
- Earlier this month Argentina requested suspension of the discovery process on March 6 while oral arguments in October left the appeal decision pending.
- U.S. District Judge Loretta Preska awarded a $16.1 billion judgment that has risen to more than $18 billion with interest and ordered transfer of a 51% controlling stake in YPF in June.
- Investors cannot advance enforcement until appeals are resolved, delaying collection efforts as plaintiffs have struggled to seize Argentina's 51% YPF stake, Latam Advisors analyst Sebastián Maril said Wednesday.
- With thin reserves, Argentina's fiscal position matters as it navigates the judgment, bolstered by a $20-billion U.S. line of credit, while President Javier Milei paid down the $2.5 billion swap.
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The Seattle TimesUS appeals court pauses investors’ efforts to trace Argentine assets in YPF case
BUENOS AIRES, Argentina (AP) — A U.S. Appeals court temporarily paused efforts by investors to identify Argentina’s assets in the United States in order to…
Associated Press News
US appeals court pauses investors' efforts to trace Argentine assets in YPF case
A U.S. Appeals court temporarily paused efforts by investors to identify Argentina’s assets in the United States in order to collect on a $16 billion judgment in a case about the 2012 nationalization of the South American country’s largest energy company.
Buenos Aires, 18 March (NA) – The U.S. Justice decided to suspend all lawsuits related to the trial for the expropriation of YPF, favoring the position of Argentina following the request formalized by the recently appointed prosecutor of the Treasury, Sebastián Amerio. The New York Court of Appeal ordered that no court move forward with measures related to the case until the issue of substance was determined in the appeal process promoted by the…
After the U.S. Justice's decision to suspend all lawsuits against Argentina on Wednesday until the appeal of the main case of the YPF expropriation trial is resolved, Javier Milei welcomed the measure and called it a "historical and unprecedented decision." "The U.S. House granted the immediate suspension of the post-sentence discovery process and all pending proceedings before the District Court, until the substantive appeal regarding YPF's tri…
The President’s Office held a U.S. Justice measure this Wednesday that benefits Argentina in the context of the case for the expropriation of YPF. The New York Court of Appeal ordered that no court move forward with measures related to the case until the substantive issue is determined in the appeal process carried out by the National Government. This was achieved “thanks to the consistent work of the last year of the Legal and Technical Secreta…
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