US Court of Appeals for the Second Circuit pauses investors' asset tracing in YPF case
→Plaintiffs' counsel cannot pursue US asset discovery until appeals resolve
Change
US Court of Appeals for the Second Circuit has stayed asset-discovery to locate Argentina's property in the United States, including central bank-held gold reserves, blocking investors from advancing enforcement of a $16.1 billion judgment until the appeals are resolved.
Why it matters
Discovery motions and subpoenas seeking the location of Argentine property in US jurisdictions, including central bank-held gold reserves, are stayed and cannot be executed. A district-court remedy ordering transfer of Argentina's 51% stake in YPF remains on hold, and the judgment total has risen to more than $18 billion with interest, so no execution or attachment steps tied to those remedies may proceed until the appeals court issues a decision.
Implications
- — Plaintiffs' counsel and litigation-funder enforcement teams must immediately suspend all US asset-discovery filings and subpoenas — those requests are stayed and cannot produce attachments or evidence for collection until the appeals court rules.
- — Post-judgment collection teams for judgment creditors must halt any efforts to identify or seize Argentine property in US jurisdictions now — execution steps tied to the June transfer order or other attachment remedies remain blocked until the appeals decision, preventing enforcement actions from proceeding.
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