A divided panel of the 2nd U.S. Circuit Court of Appeals overturned an award of $16.1 billion for breach of contract claims brought by former YPF shareholders, effectively wiping out the judgment. This is a significant blow to Burford Capital, which funded the litigation and stood to receive a significant portion of the payout. The court also overturned a separate order that would require Argentina to surrender YPF shares, stating it no longer makes sense once the underlying judgment was overturned. The ruling was celebrated by Argentine President Javier Milei.