The Second Circuit Court of Appeals of New York has ruled again in the YPF trial and rejected an extraordinary measure requested by Burford Capital, the main plaintiff against Argentina.
The decision consolidates the judicial setback for the English law firm and confirms the annulment of a ruling that exceeded USD 16 billion.
The ruling dismisses Burford's attempt for the entire panel of judges to review the previous ruling, in what is known as an “en banc” appeal, an exceptional remedy granted only under extraordinary circumstances.
The resolution was signed by the court's clerk, Catherine O’Hagan Wolfe, and ratifies what had already been decided by judges Denny Chin, José Cabranes, and Beth Robinson, who had previously ruled against the fund.
Thus, the fund that had obtained a favorable ruling in the first instance from Judge Loretta Preska, which required the country to pay nearly USD 18 billion, suffers a new judicial blow in a dispute that has lasted more than a decade. The conflict originated after the expropriation of the oil company in 2012, during the presidency of Cristina Kirchner.
