NEW YORK, Sept 8 (Reuters) – Argentina suffered a big legal defeat on Friday as a U.S. judge ruled that the country must pay about $16 billion to minority shareholders of YPF (YPFD.BA) arising from the government’s 2012 seizure of a majority stake in the oil and gas company.
U.S. District Judge Loretta Preska in Manhattan ruled in favor of Burford Capital (BURF.L), which funded the litigation brought by shareholders Petersen Energia Inversora and Eton Park Capital Management LP, and according to court papers was entitled to a respective 70% and 75% of their damages.
The payout includes the approximately $8.4 billion of damages Burford sought plus about $7.6 billion of 8% prejudgment interest running from May 3, 2012, about 2-1/2 weeks after the seizure.
Argentina, which is in dire financial straits including a scarcity of foreign exchange reserves, pledged an immediate appeal.
Burford called the decision
US judge says Argentina owes about $16 billion after YPF payout trial
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