Argentina Can't Shake US Class Action Over YPF Fight
By Kurt Orzeck
Law360, Los Angeles (September 6, 2013, 9:11 PM EDT) -- A New York federal judge refused Friday to dismiss a class action accusing Argentina of violating shareholder agreements when it nationalized Spanish oil giant Repsol YPF SA's Argentine operation in May 2012, despite the country's contention that an alleged nondisclosure didn't constitute commercial activity.
U.S. District Judge Thomas P. Griesa refused to dismiss the suit, saying his order was based on in-court arguments that took place earlier in the day.
Argentina has argued that Repsol's claim wasn't based upon the sale of securities but rather upon...