NEW YORK—A divided U.S. appeals court on Friday struck down a $16.1 billion judgment against Argentina for seizing control of state-owned oil company YPF in 2012, a victory for Argentine President Javier Milei as he tries to stabilize the country’s long-strained economy.
In a 2–1 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said the plaintiffs’ breach of contract claims failed as a matter of Argentine law, justifying a reversal.
