What did the US Second Circuit Court of Appeals decide regarding the $16.1 billion judgment against Argentina, and why?

The US Second Circuit Court of Appeals reversed Judge Loretta Preska’s 2023 $16.1 billion judgment against Argentina on March 27, ruling that she misinterpreted Argentine law in finding that the Argentine government violated investors’ rights during the 2012 nationalization of YPF SA.

What legal avenues are the former YPF investors pursuing after the appellate reversal?

The former YPF SA investors intend to pursue international treaty arbitration while also continuing to contest the Second Circuit’s ruling through further appeals—including potentially to the full Second Circuit or the US Supreme Court—and have asked Judge Preska to allow use of evidence from the US court case in the planned arbitration.

YPF Investors Say They'll Arbitrate $16 Billion Argentina Case

Apr 22, 2026

Former YPF investors plan international arbitration after a US appeals court overturned a $16 billion judgment against Argentina regarding the 2012 nationalization of the oil firm. Litigation funder Burford Capital shares plunged 40% following the ruling.

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