Second Circuit Sends 1993 Argentina Oil Suit to Argentine Courts
Updated
Updated · New York Post · May 15
Second Circuit Sends 1993 Argentina Oil Suit to Argentine Courts
1 articles · Updated · New York Post · May 15
A divided Second Circuit panel overturned a New York lower-court ruling and held that investor claims over Argentina’s oil-company re-nationalization must be heard in Argentina, not New York.
The dispute stems from Argentina’s 1993 privatization and NYSE listing of the oil and gas company, which included guarantees against future nationalization that investors say Buenos Aires later broke.
The ruling reverses New York commercial courts that had accepted jurisdiction, cutting off a venue investors viewed as more neutral for enforcing those privatization promises.
Critics argue the decision could weaken confidence in New York as a reliable forum for cross-border capital-markets disputes when sovereign issuers later change course.
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