LatinNews Daily - 15 June 2020

Argentina: On 5 June Judge Loretta Preska of the Southern District Court of New York denied a request by the Argentine government and Argentina’s state-run oil firm, YPF, to transfer to Buenos Aires the adjudication of a case in which they are accused of breaking the law when YPF was re-nationalised in 2012. By way of a forum non conveniens motion submitted on 30 August 2019, Argentina argued that Buenos Aires and not New York was the suitable jurisdiction for resolving the case. Preska ruled, however, that the case will continue in the US, finding that “the various private and public interest factors strongly favour litigation in New York”. The original lawsuit, filed in 2015 on behalf of the Peterson group by law firm Burford Capital, seeks multimillion US dollar compensation for the supposed economic damages caused by the re-nationalisation of YPF by the Argentine government of the time. Preska added the parties now have until 19 June to agree on the appropriate next steps. Should Argentina lose the case, it could face compensation charges of between US$1.7bn and US$9bn, according to case expert Sebastían Maril quoted in Argentina’s official news agency, Telam.

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