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A critical legal battle over YPF shares – stemming from Argentina’s 2012 nationalization of the oil company – will be argued before the United States Court of Appeals for the Second Circuit in New York during the week of March 3, 2026. The hearing will address an appeal from beneficiaries seeking the delivery of shares as compensation for a $16 billion adverse ruling.
The case centers on a decades-long dispute between Argentina and investors who claim their investments were unlawfully expropriated when the government seized control of YPF. The beneficiaries of the expropriation ruling recently submitted their arguments to the court, aiming to compel Argentina to transfer the shares as a form of payment.
Plaintiffs Focus on District Court Order
The core of the plaintiffs’ argument, as presented to the Appeals Court, revolves around the validity and scope of a previous order issued by a district court mandating the handover of YPF shares. They are seeking to leverage these shares to satisfy the $16 billion claim related to the 2012 nationalization. “The objective is to use the shares as a form of payment,” one legal source confirmed.
Argentina’s Response and Timeline
Argentina has until December 12 to submit its counterarguments regarding the delivery of the YPF shares. Following the completion of the written defense phase, the Appeals Chamber will convene to hear oral arguments from both sides before beginning deliberations on the plaintiffs’ request.
Parallel Appeal from NGO
Adding another layer to the legal proceedings, the court will also hear oral arguments during the same week concerning a separate appeal filed by a non-governmental organization (NGO). The nature of the NGO’s appeal was not specified.
The outcome of this case could have significant implications for Argentina’s international financial standing and its relationship with foreign investors. The court’s decision will likely set a precedent for future disputes involving sovereign nations and foreign investment protections. The case remains a closely watched matter within the financial and legal communities.
