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US Judge orders Argentina to transfer YPF Shares to satisfy $16.1 Billion judgment

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it.

U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day.

Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital.

Preska's ruling came the same day Argentina requested that the High Court of London block the enforcement of the judgment.

The case arose after Argentina seizes the 51% stake in YPF held by Spain’s Repsol without tendering shares held by minor investors.

Burford said that it expects to receive between 35% and 73% respectively of Petersen and Eton Park damages. Reporting by Jonathan Stempel, New York Editing Mark Potter

(source: Reuters)