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The court overturns the Argentina YPF case ruling, Burford Capital's stock price plummets
Investing.com – Burford Capital’s stock plummeted over 36% on Friday, following several volatile trading halts. The U.S. Court of Appeals overturned a $16.1 billion judgment against Argentina, related to the 2012 expropriation of the state oil company YPF.
The ruling was issued on Friday by the U.S. Court of Appeals for the Second Circuit, located in Manhattan.
Burford Capital, which financed the lawsuit, was set to receive the majority of any compensation that withstood legal challenges. During the appeal debate, the compensation amount, along with interest, had risen to $18 billion.
Argentina has been seeking to overturn the $16.1 billion judgment made by a lower court judge in September 2023, which ruled to compensate YPF’s former shareholders, Petersen Energia Inversora and Eton Park Capital Management, for alleged losses caused by the nationalization of YPF.
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