A federal judge in the US has ruled that Argentina must pay nearly $16.1 billion to two companies, Petersen Energia and Eton Park Capital, as compensation for the nationalization of the YPF oil giant in 2012. Judge Loretta Preska ordered Argentina to pay $7.5 billion in damages and $6.85 billion in interest to Petersen Energia, and about $1.7 billion to Eton Park Capital. The lawsuit was brought to US courts due to YPF’s shares trading on the New York Stock Exchange.
The case originated from Argentina’s expropriation of 51% of YPF shares, previously partially owned by Spanish company Repsol. While Repsol was compensated with $5 billion to settle the litigation, minority shareholders such as Petersen Energia and Eton Park Capital, who held a combined 25.4% of YPF’s capital, were not adequately compensated. They filed a lawsuit in 2015, alleging that Argentina did not follow the law in the takeover process.
This ruling comes as Argentina faces economic and political turmoil, including an annual inflation rate of over 120%. The country has stated that it plans to appeal the ruling within 30 days of the judgment.
It is important to note that all other claims by the plaintiffs were dismissed, including their claims against defendant YPF SA, as ruled by Judge Preska.
The judgment supports the arguments presented by the plaintiffs, including Burford Capital, a law firm that purchased the litigation rights for $16.6 million.
It remains to be seen how Argentina will respond to this ruling and what impact it will have on the country’s financial situation.
Note: The article has been rewritten for readability and SEO optimization, while maintaining the original information and context.