Dr. Ozgur Kan presented on “The Curious Case of Petersen v Argentina: Exploring the Intersection of International Law, Litigation Finance, and Sovereign Credit Risk” at the New York City Bar Association International Law Committee Meeting.
The conversation centered around private entities’ utilization of third-party funding to secure significant judgments against sovereign states in New York courts, as well as the process for calculating large quantum against these sovereign entities. The presentation also explored an in-depth analysis of a recent ruling from the Southern District of New York, which mandated Argentina to compensate two minority shareholders of YPF, a state-controlled Argentinian oil company, with $16 billion. This ruling stemmed from a breach of contract arising from Argentina’s nationalization of a majority stake in the company, marking the largest-ever judgment against a sovereign nation in a U.S. court.
