Business
Statement on YPF Summary Judgment Ruling
Statement on YPF Summary Judgment Ruling.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 2 April 2023\n \n \n \n \n \n \n \n \n Released out of hours on April 2, 2023, and queued for release via RNS upon its reopening on April 3, 2023.\n \n \n \n \n \n \n \n \n \n \n \n \n \n BURFORD CAPITAL STATEMENT ON YPF SUMMARY JUDGMENT RULING\n \n \n \n \n Court finds liability against Argentina with substantial damages expected to be awarded\n \n \n \n \n \n \n \n \n Burford Capital Limited, the leading global finance and asset management firm focused on law, today\n releases the following statement in connection with the March 31, 2023 Opinion and Order issued by the United States District Court for the Southern District of New York (the \"Court\") in connection with the summary judgment motions filed by the parties (the \"Ruling\") in the Petersen and Eton Park cases against the Republic of Argentina and YPF (the \"Case\" or the \"YPF Litigation\").\n \n \n \n \n \n At a high level, the Court decided that (i) Argentina was liable to Petersen and Eton Park for failing to make a tender offer for their YPF shares in 2012; (ii) YPF was not liable for failing to enforce its bylaws against Argentina; (iii) the various arguments Argentina had made to try to reduce its damages liability from the straightforward application of the formula in the bylaws were unavailing; and (iv) a hearing is needed to resolve two factual issues to enable the computation of damages.\n \n \n \n \n \n In other words, the Ruling was a complete win against Argentina with respect to liability, with the quantum of what we expect to be substantial damages yet to be determined, and a loss against YPF. However, no additional damages would have been payable had YPF also been found liable.\n \n \n \n \n \n \n Jonathan Molot, Burford's Chief Investment Officer who leads Burford's work on the Case, commented:\n \n \n \n \n \n \n \"We have been pursuing this case since 2015 and it has involved substantial Burford management time along with the dedicated engagement of a team of some of the best lawyers on the planet from multiple law firms and world-class experts (going up against very good lawyers, and winning). Burford is uniquely positioned to pursue these kinds of cases and secure wins for clients and substantial returns for shareholders - not only because of their size and scale, b...