Latest development Sep 2026
Petersen filed an ICSID claim under the Spain–Argentina BIT in mid-September 2026. The cert petition is pending.
The award
- Amount awarded
- $16.1B
- Current estimate
- About $18B with interest before the reversal
- Award holder
- Petersen Energía Inversora and Petersen Energía (Spanish bankruptcy estates) and Eton Park funds, with the litigation funded or owned by Burford Capital
- Respondent
- Argentine Republic
- Forum
- U.S. District Court for the Southern District of New York, 15-cv-2739 · Second Circuit No. 23-7370
Challenges
The Second Circuit reversed on March 27, 2026 (2–1), holding that Argentine law gave the plaintiffs no damages claim. Rehearing en banc was denied on June 2, 2026, the mandate issued on June 10, 2026, and the judgment was vacated. The plaintiffs filed a cert petition on September 30, 2026, and Argentina’s response is due on December 2, 2026.
Enforcement
A June 30, 2025 order to turn over Argentina’s 51% stake in YPF was stayed in August 2025 and vacated on March 27, 2026. An English recognition claim was stayed on June 17, 2026 ([2026] EWHC 1492 (Comm)).
Recovered to date
None
Notes
Listed because the judgment was entered and further review is pending. There is currently no enforceable judgment.