The US Court of Appeals for the District of Columbia rejected Argentina's appeal and confirmed the obligation to pay nearly 391 million dollars to Titan Consortium for the 2008 expropriation of Aerolíneas Argentinas.
Tuesday's ruling confirms a 2024 first-instance judgment that recognized the 2017 CIADI award. Argentina must pay 390.9 million dollars plus interest.
The case originated when the state expropriated Aerolíneas Argentinas and Austral, then controlled by the Spanish group Marsans. CIADI ordered an initial payment of 320 million dollars plus fees and interest.
Litigation rights passed from Burford Capital to Titan Consortium, which in 2021 filed the lawsuit in Washington D.C. to enforce the award. Argentina claimed prescription, but courts rejected that argument.
The fund can now proceed with actions to identify Argentine assets in the United States, such as Brady Bond guarantees at the Federal Reserve Bank of New York.
