Litigation Update: Petersen Energia Inversora, S.A.U. v. Argentine Republic

Petersen Energia Inversora, S.A.U. v. Argentine Republic stems from Argentina’s 2012 re-nationalization of YPF S.A., Argentina's largest integrated energy company. YPF S.A. had previously privatized, raising capital by selling stock on the New York Stock Exchange. While Argentina paid $5 billion to majority shareholder Repsol, it did not make a tender offer to minority investors. Two minority investors have pursued their claims in the Southern District of New York.

In 2023, a federal district court in New York awarded a $16.1 billion judgment to the minority investors. In 2024, the court ordered Argentina to transfer its remaining YPF shares to partially satisfy it. The case is now before the U.S. Court of Appeals for the Second Circuit, which is reviewing whether the case belongs in U.S. courts. A decision is expected in spring 2026, with significant implications for sovereign immunity and shareholder rights.

Featuring:

Michael Fragoso, Partner, Torridon Law PLLC

(Moderator) Christopher O. Murray, Partner, First & Fourteenth PLLC