Market Screener | 23 April 2026
Burford moves YPF dispute to ICSID after New York setback
Burford Capital has notified Argentina that it will take the long-running YPF expropriation dispute to the World Bank’s arbitration tribunal after losing a key case in New York, seeking to continue its claim through an international investment treaty mechanism, La Nación reported.
The litigation fund invoked a bilateral investment treaty signed between Argentina and Spain in 1991, which remains in force without a statute of limitations, allowing claims to be filed despite the 2012 expropriation of the oil company.
Argentina’s Treasury Attorney’s Office acknowledged receipt of the notification and indicated the move had been anticipated, noting that preparations had been underway for this scenario.
Before arbitration can formally begin, the claimants — Burford and Eton Park — still have procedural options in the United States, including requesting a review by the full bench of the Second Circuit Court of Appeals and potentially appealing to the US Supreme Court, although specialists consider the chances of reversing the ruling to be limited.
Burford’s claim is based on litigation rights acquired from Spain-based Petersen companies, previously linked to Argentina’s Eskenazi family. The Argentine defence may argue that the treaty should not apply if the ultimate investors are domestic, though the agreement broadly protects entities incorporated in signatory countries.
Under the treaty framework, a six-month negotiation period must precede the formal start of arbitration. Proceedings at ICSID typically last between two and three years, with additional time possible if either party seeks annulment of the award.
The process is expected to be confidential, as ICSID rules generally restrict public access to filings and evidence until a final decision is issued.
Burford has also asked the New York court to authorise the use of evidence gathered during the discovery phase in the new arbitration, which could reduce costs and streamline the process.
