The U.S. Court of Appeals for the Second Circuit in New York overturned on Friday the first-instance ruling ordering Argentina to pay over $16 billion for the 2012 YPF expropriation. President Javier Milei hailed the decision as a historic victory and criticized former Kirchnerist officials. The ruling averts a massive payout, though Burford Capital said it will appeal.
The U.S. Court of Appeals for the Second Circuit in New York annulled on March 27, 2026, Judge Loretta Preska's 2023 ruling, which had ordered Argentina to pay about $16.1 billion plus interest for failing to make a public acquisition offer (OPA) to minority shareholders after the 2012 expropriation of 51% of YPF under Cristina Fernández de Kirchner's government.
In a 2-1 decision, the court deemed it a sovereign act, not a commercial breach, invalidating New York jurisdiction over Argentine law. The defense, led by the Procuración del Tesoro and Sullivan & Cromwell's Robert Giuffra Jr., argued misinterpretation of local law.
Javier Milei celebrated on X: "Ganamos en el juicio de YPF...!!!TMAP.MAGA.VLLC!". In a national address, he equated it to "70 million minimum pensions" and blamed Kirchner and Axel Kicillof for a "suicidal adventure" causing 12 years without investments. He announced a bill to amend the expropriation law. Manuel Adorni stated: "Ganamos: la Justicia de los Estados Unidos anuló la condena por el caso YPF".
The Procuración del Tesoro called it "historic magnitude", thanking Milei, María Ibarzábal Murphy, Luis Caputo, Pablo Quirno, and others. YPF was cleared of responsibility.
Burford Capital, which funded Eton Park and Petersen's claim, criticized the ruling and plans to appeal; its shares plunged. YPF shares rose 3% in New York.
Axel Kicillof demanded Milei "apologize" for backing "vulture funds". Alberto Fernández quipped: "‘Ganamos’, dijo el mosquito". PRO claimed credit for 2017 arguments.
