In the official document that entered the court of the second district of Manhattan, the US Department of Justice was issued against the argument expressed by Burford by pointing out that the plaintiffs’ request “violates US sovereign immunity rules.”
The English law firm, specialist in acquiring demands of sovereign countries, is the main winner of the first instance ruling by which Preska condemned Argentina to turn off more than US$16,000 million for the expropriation of YPF in 2012.
The US asked Judge Loretta Preska to reject the Burford fund’s request in the YPF case
“YPF Case: Important: the US Justice Department recently presented a brief in which it tells Judge Preska that the ‘turnover’ order of the shares of YPF what the plaintiffs ask for violates US sovereign immunity rules and him asks Preska to reject her“, the lawyer published Sebastian Soler in your X social network account.
The 10-page brief presented to the New York Justice points out that “the injunction and order requested by the plaintiffs demanding Argentina over their sovereign property located in its own territory would violate sovereign immunity laws and should not be granted by the Court.”
For Sebastian Maril, Regional director of Latam Advisor, the amicus curiae of the United States Government in the case of the expropriation of YPF “It was expected.” “What it says is that it violates certain local North American laws and at the same time opens the doors for there to be some type of reciprocity and Argentina in the future does the same with a North American company or sovereign asset. This does not affect the US$16 billion rulingthis does not affect the alter ego and this does not affect the appeal,” he explains.
Wink from the US to the government of Javier Milei
The presentation made by the administration of Joe Biden is a nod to the government of Javier Milei and it arrives hours after the triumph of donald trump in last night’s elections. The tycoon’s victory over Kamala Harris They will catapult him back to the White House starting in 2025. This is expected to result in a deepening of bilateral relations between USA and Argentina, due to the ideological coincidences between the libertarian and the republican.
It is worth remembering that USA had asked the judge Preska to defer its decision on the delivery of the actions of YPF to the plaintiffs for the cause of the expropriation of the oil companyuntil we can present an opinion on the matter. In a document presented in September, he requested to wait until November 6.
Specifically, the Department of Justice stated at that time that was “actively considering filing a Declaration of Interest regarding the pending motion for injunctive relief and transfer”. The analysis process involved “coordination between interested government agencies” and the approval of United States Department of Justice through the Principal Deputy Attorney General of the Civil Division.
Due to the time it will take, the Department of Justice said it hopes to be in a position to inform the Court about its possible participation in this matter “no later than November 6, 2024”, that is, one day after the presidential elections. After the deadline, this Wednesday they presented the brief before the judge.
Judge Preska condemned Argentina to pay US$16,000 million due to the way in which the expropriation of the company was carried out in 2012 in times of Cristina Fernandez of Kirchner as president and Axel Kicillof as Minister of Economy. Within the framework of this cause, in recent days, Preska had also ordered to deliver emails, WhatsApps and other communications from officials to determine responsibilities.
Source: Ambito
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