Oct. 30 at 3:44 AM
$YPF 2 of 3 judges on the U.S. Appellate Court believe that this case belongs in Argentine courts, not here.
$BUR tanked 10% on the news.
"It does have a feel like this should have been in Argentina," Circuit Judge Denny Chin told Paul Clement, a lawyer for Petersen.
"Here we are trying to figure out what these Argentina cases, Argentine statutes are saying," Chin added.
"The judgment is against the republic for actions taken as a republic. If you were to flip it and put the United States in their shoes in Argentina, how would we be feeling about letting an Argentine court decide issues against the United States under American law?"
This case will not make it to a SCOTUS appeal for Burford, et al., as it was never a legitimate possibility. With two out of three judges ruling in favor of Argentina, this saga is effectively over. The majority agree the case doesn’t belong in U.S. courts and support Argentina’s position. Judge #3 was appointed by President Autopen in 2021.
