US appeals court overturns judgment against Argentina's YPF as President Milei celebrates
AP News • • business
Key Points:
- A New York appeals court overturned a $16.1 billion judgment against Argentina, reversing a lower court's order to compensate former shareholders of the nationalized energy company YPF.
- Argentine President Javier Milei celebrated the ruling and announced a bill to Congress aimed at limiting expropriations and increasing compensation for affected parties.
- The 2012 nationalization of YPF, overseen by former leader Cristina Fernández de Kirchner, has been a source of legal and political controversy, with Kirchner currently under house arrest for corruption.
- YPF, now majority-owned by Argentina, has significantly increased crude production from the Vaca Muerta shale gas field and reported a $5 billion profit in 2025, its highest in a decade.
- The legal case highlighted Argentina's challenges with international financial obligations, as plaintiffs were able to sue due to YPF's listing on the New York Stock Exchange.
