July 12, 2018 / 12:42 PM / 4 months ago

Minority shareholders can sue Argentina, YPF in New York – 2nd Circuit

Two Grupo Petersen subsidiaries can sue Argentina in New York City for failing to buy back their shares in the YPF energy company after the government renationalized it in 2012, a federal appeals court has held.

The 2nd U.S. Circuit Court of Appeals on Tuesday rejected arguments by Argentina and YPF that the suit should be dismissed because the Foreign Sovereign Immunities Act deprives U.S. courts of jurisdiction over “sovereign acts of expropriation.” The unanimous three-judge panel said the suit fell into the FSIA’s exception for commercial activity.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2L3AARI

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