YPF trial: Loretta Preska ordered the release of data

In the YPF lawsuit, Judge Loretta Preska confirmed that the company must hand over data to the plaintiff funds, Burford and Eton Park. The judge rejected the oil company's request to halt the proceedings and allowed the case to move forward despite Argentina's appeal.

Judge Loretta Preska of the Southern District of New York rejected YPF's motion to avoid handing over information in the lawsuit concerning the expropriation of the oil company. The ruling favors the plaintiff funds Burford and Eton Park, which are seeking to collect on the US$16.1 billion judgment against Argentina.

Preska confirmed that YPF cannot halt the execution phase and that the plaintiffs can proceed with the search for Argentine state assets. In the United States, an appeal does not automatically suspend a ruling, so the process can continue while the appeal is being resolved.

The funds acquired the litigation rights from the Petersen companies and are now pursuing a discovery process to identify attachable assets. The goal is to determine whether YPF can be considered an "alter ego" of the Argentine state, which would allow for the seizure of its assets.

The judge maintained that the court "reaffirms the impossibility of YPF intervening or stopping the execution" and that the plaintiffs will be able to proceed under the Crystallex model, applied in other similar cases.

Preska ordered the Argentine government to collect and submit “off-channel communications” by October 30. These included emails and messages from high-ranking officials in the administrations of Alberto Fernández and Javier Milei.

According to consultant Sebastián Maril, the names mentioned include Sergio Massa and Luis Caputo . The complete list of the 35 current and former officials involved has not yet been made public.

The government clarified that it will not directly hand over the messages, but will instead act as an intermediary to obtain the consent of those involved and obtain the requested information. With this action, Argentina seeks to avoid contempt of court in the United States.

The final ruling remains under appeal. A hearing was held in New York at the end of October where lawyers for both sides presented their arguments.

Robert Giuffra, Argentina's lawyer, accused the funds of "turning the U.S. courts into a casino." In response, Paul Clement, the plaintiffs' lawyer, backed Preska: "The judge did a great job in this case."

If Argentina's appeal is successful, the ruling could be overturned, avoiding the payment of US$16.1 billion plus interest. However, in the meantime, the YPF lawsuit continues to proceed in the New York courts.