5th Circ. Affirms $10M Award Confirmation Against Apache

Law360 (May 28, 2019, 8:21 PM EDT) -- The Fifth Circuit signed off on a Texas federal judge's confirmation of a $9.8 million arbitration award for Argentine energy giant YPF SA, rejecting attacks from Apache Overseas Inc. over the methodology used by KPMG LLP partners in calculating the award.

In an opinion issued Friday, a three-judge circuit panel affirmed U.S. District Judge Melinda Harmon's November 2017 ruling. The $9.8 million award was issued by accountants at KPMG, who were consulted following a dispute over a post-closing price-adjustment process after YPF's purchase of Apache's Argentine operations for $736 million in 2014.

An agreement between YPF and Apache stated that two...

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