The Government celebrated that the New York Court of Appeals would suspend two key processes in the trial for the expropriation of YPF. The appeal court stopped the process to activate embargoeswith which the plaintiffs try to collect the million-dollar judgment. He also left on hold the process by which they seek that the Justice of USA . sanction and even declare in contempt for Argentina for failing to comply with different procedures.
However, the Executive must still go through some crucial stages in its attempt to reverse the error from Judge Loretta Preska, September 2023, which condemned the country to pay more than US$16,000 million for the expropriation of the oil company during Kirchnerism.
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Before the suspension decreed by the court of USA ., the trial for the expropriation of YPF counted five appeals before the Second Circuit Court of New York. In addition to the most important one, which is the underlying issue, one was suspended by this week’s ruling (the one presented by Argentina for the order to hand over mobile devices as part of the discovery).
So remain to be resolved in that courtthe following steps in the process:
- The appeal against him failed by Loretta Preska for the country to deliver to the plaintiffs YPF shares as part of payment of the September 2023 sentence;
- The appeal for the representation of YPF. The oil company wants to represent itself on the issue of alter ego. Preska had removed her from the case and told her she could not return to trial to defend herself. The company went to court for that reason.
- The appeal of a NGO called Republican Action for Argentina. That group demanded that Preska annul the million-dollar judgment against the country. The trial judge rejected it in March 2025, so the litigants went to the higher court.
The trial for the expropriation of YPF reaches its defining moment. (Photo: TN Archive)
For those three appealswhich could be considered secondary, the New York Court has scheduled a oral arguments hearing for April 16. That day, the parties must present and answer questions from the chamber judges; no developments are expected before the court addresses the underlying issue, whose definition It has no deadlines.
Trial by YPF: the scenarios that open with the substantive appeal
After the measure taken this week, expectations about What decision will the Court make? New York Court of Appeals on the underlying issue in the YPF trial. That is the sentence for US$16,000 million against the country that Judge Loretta Preska ruled in September 2023.
The Argentine judicial strategy aims to reverse the millionaire sentence of PreskaSeptember 2023. Or at least that the justices of the US Court of Appeals set a considerable reduction in the amount to pay.
The judges who make up the court in the Court of Appeals of the Second District of New York that will define whether Argentina has to pay US$16,000 million for having expropriated YPF. (Photo: X/@SebastianMaril)
That primary appeal had an oral arguments hearing in October, in which the Argentine defense and that of the plaintiffs presented and answered the court’s questions. Since then the court, made up of judges José Cabranes, Denny Chin and Beth Robinsonreview the case “again.”
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“The decision It will not be a simple ‘guilty’ or ‘innocent’. It will be complex. The judges are not influenced by Judge Preska’s ruling. They draw their own conclusions by evaluating the case presented from the beginning. They don’t have to weigh in on whether Judge Preska was right or wrong. Just They must interpret what is the correct application of the laws”he explained Sebastian Marilanalyst Latam Advisors that follows in detail the trials that Argentina faces abroad.
Thus, Maril anticipated that the decision of the Court of Appeals “will be a long ruling” – which can be heard at any time – and lead to one of the following options:
- Confirm Preska’s ruling;
- Argentina’s appeal is dismissed;
- Reverse Preska’s sentence and send the file back to the magistrate to rule again;
- Annul the ruling;
- Return the case to Judge Preska with instructions.