Judges in New York’s federal appeals court have overturned a ruling that found Argentina liable to pay $16bn to former shareholders of the oil major YPF. Burford Capital, which financed the case, described the decision that overturned a judgement against Argentina for nationalising YPF in 2012 “very disappointing” and an “abandonment of minority shareholder rights.” Bloomberg observes that the ruling is a significant victory for Argentine President Javier Milei, who had refused to negotiate with the plaintiffs, and helps clear his government’s path to a return to international markets at some point.