The U.S. government will file a brief with the New York Court of Appeals to support Argentina in the YPF case, which involves the potential transfer of a controlling stake in the company. A prior order by Judge Loretta Preska has been suspended, allowing Argentina time to prepare its arguments. The Department of Justice's brief aims to replicate earlier arguments made by the Biden administration, which asserted that transferring shares would violate sovereign immunity rules and set a precedent that could affect U.S. assets. The lawsuit poses significant legal risk for Argentina, with past compensation orders leading to substantial financial repercussions.
The United States government announced that it will file a brief with the New York Court of Appeals in defense of Argentina's position in the YPF case.
The Justice Department's brief is expected to replicate arguments previously presented by the Biden administration in support of Argentina, which were ignored by Judge Preska.
The lawsuit over the nationalization of part of YPF in 2012 is currently the greatest legal threat facing Argentina.
In 2023, Preska ordered the country to pay $16 billion in compensation to the Burford and Eton Capital funds, claiming the Argentine government violated YPF's bylaws.
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