Investment firms Petersen Energia and Eton Park have asked the U.S. Supreme Court to reinstate a $16.1 billion judgment against Argentina. The judgment stems from Argentina’s 2012 nationalization of energy company YPF.
The petition seeks to overturn a March 2026 ruling by the 2nd U.S. Circuit Court of Appeals. The appeals court reversed the award and ruled that the case belonged in Argentine courts.
Argentina seized a 51% stake in YPF. The investors argue the government violated YPF’s bylaws, which required a tender offer to all minority shareholders in the event of a takeover.
The petition argues the appeals court ruling improperly lets a foreign nation use its own laws to avoid liability in U.S. courts for promises made to investors on the New York Stock Exchange.