US Court of Appeals halts investors' tracing of Argentina assets in YPF case
Change
The US Court of Appeals for the Second Circuit temporarily halted Petersen Energía and Petersen Energía Inversora's efforts to obtain evidence locating Argentina's assets in the United States, including central bank reserves such as gold bars, until appeals of the roughly $16.1 billion YPF judgment are resolved.
Why it matters
The pause bars plaintiffs from pursuing US discovery that would reveal and permit seizure of Argentina-held property, constraining immediate enforcement of the judgment. Enforcement actions dependent on that discovery — including targeted asset freezes or transfers — cannot proceed while the appellate process is unresolved.
Implications
- • Petersen Energía and Petersen Energía Inversora must delay all discovery motions and evidence-gathering efforts in US courts to locate Argentina's assets until the appeals court issues its ruling.
- • US district court enforcement officers must refrain from executing orders to transfer Argentina's 51% stake in YPF or pursuing asset seizures tied to the judgment until the appeals court decision is issued.
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Topics
International Affairs Court Rulings Oil & Gas Capital Markets