U.S. judge orders Argentina to pay $16 billion for expropriation of YPF oil company

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Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

A U.S. judge ruled that Argentina must pay $16.1 billion to minority shareholders of state-controlled oil company YPF due to the government’s 2012 nationalization of a majority stake in the firm.

A week earlier, Preska had made clear it was siding with the plaintiffs in the long-running dispute. Burford Capital, which funded much of the litigation, had said after last week’s ruling that it represented “a complete win against Argentina.”

Congress passed a law expropriating 51% of the shares of YPF from then-majority shareholder Repsol, a Spanish firm. Repsol ultimately received compensation worth some $5 billion. YPF is listed on the New York Stock Exchange, so the plaintiffs were able to file their suit in U.S. court.

 

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Belgique Dernières Nouvelles, Belgique Actualités