Former president Alberto Fernández criticized Javier Milei on Mar. 27 following a decision by the United States Court of Appeals for the Second Circuit in New York, which overturned a previous ruling that required Argentina to pay over $16 billion in the case concerning the expropriation of YPF.
The issue is significant because it involves one of Argentina’s largest international legal disputes, with potential financial consequences for the country and implications for its management of public companies.
Fernández said on social media that he regrets “the government of Milei celebrates a result that it never sought” and claimed that, instead, the current administration sided with litigating funds against Argentina. He argued that the judicial victory was due to work by his own government’s Treasury Attorney’s Office and its legal team in the United States rather than efforts by Milei’s administration. “‘We won,’ said the mosquito…” Fernández wrote, using an ironic tone toward those celebrating.
He also stated: “the result recognizes that the State can expropriate companies for reasons of public utility,” and congratulated professionals who he believes maintained Argentina’s legal defense in New York.
The recent ruling was issued by the Court of Appeals for the Second Circuit in New York, which reviewed an earlier judgment from Judge Loretta Preska at the Southern District Court. The appeals court revoked a sentence ordering Argentina to pay about $16.1 billion related to its 2012 takeover of a majority stake in YPF S.A., though parties may still appeal to the Supreme Court of the United States as a final step.
This lawsuit began in 2015 when minority shareholders—including Petersen Energía and Eton Park—filed claims after their rights were acquired by Burford Capital following Argentina’s nationalization move.
