The U.S. Supreme Court on Monday asked the U.S. solicitor general to weigh in on whether two Grupo Petersen subsidiaries should be allowed to sue Argentina for failing to buy back their shares after renationalizing its YPF energy company in 2012.
Argentina and YPF say that the Foreign Sovereign Immunities Act deprives U.S. courts of jurisdiction over sovereign acts of expropriation. They are seeking to overturn a July decision by the 2nd U.S. Circuit Court of Appeals, which found that the FSIA’s commercial-activity exception applies because the Petersen companies are essentially suing for breach of contract.
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