Argentina is appealing a US judge's order requiring it to hand over its controlling stake in YPF (YPF), as part of about $16.1 billion judgment tied to the country's 2012 nationalization of the firm, according to court documents.
President Javier Milei's government filed notice with the US Court of Appeals, contesting a June 30 ruling by Judge Loretta Preska, who said Argentina's 51% YPF stake was not protected by sovereign immunity, the documents added.
In her latest ruling, Preska rejected Argentina's argument that forcing the share transfer would violate international comity, or mutual respect between nations' laws.
"While the Republic demands that this court extend comity, it simultaneously refuses to make any effort to honor the court's unstayed judgment," the June 30 order said.
Preska concluded in her ruling that Argentina must move its Class D shares of YPF to a custody account at the Bank of New York Mellon in New York within 14 days from the date of the order. Then, the bank must begin transferring those shares to the plaintiffs or whoever it chooses within one business day of receiving them.
The judge also denied Argentina's request to hold a hearing, saying it wasn't necessary.
YPF didn't immediately reply to MT Newswires' request for comment.
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