2024-04-25 · Ireland
Irish courts asked to recognise €15.4bn judgement against Argentine State
The Irish High Court has been asked to recognise a €15.41 bn judgment against the Argentine State, awarded by a New York court last year for the re‑nationalisation of YPF. Two minority shareholders – the Spanish‑registered Petersen Energia Inversora SAU and Peterson Energia SAU, and the US‑registered Eton Park Capital Management LP, Eton Park Fund LP and Cayman‑registered Eton Park Master Fund Ltd – sued Argentina and YPF after the 2012 nationalisation. They claim the State failed to make a public offer for the remaining 49 % of YPF shares, breaching contract and causing significant losses. The New York court awarded the Petersen group US$14.38 bn and the Eton group US$1.71 bn. The applicants seek Irish recognition to enforce the ruling, arguing Ireland's reputation for predictability, speed, and its status as a major fund‑administration and debt‑securities hub will aid asset location and enforcement.