Debevoise Secures Dismissal of $16 Billion Claim Against YPF S.A.

The U.S. Court of Appeals for the Second Circuit affirmed the dismissal of the high-stakes lawsuit against the Argentinian energy company.

Mar. 28, 2026 at 8:18pm

Got story updates? Submit your updates here. ›

Debevoise & Plimpton LLP has secured a major legal victory on behalf of YPF S.A., the largest energy producer in Argentina, after the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of a $16 billion lawsuit against the company. The lawsuit, which has been pending since 2015, was brought by Petersen Energía Inversora, S.A.U., Petersen Energía, S.A.U., Eton Park Capital Management, L.P., Eton Park Master Fund, Ltd., and Eton Park Fund, L.P., and was backed by litigation funder Burford Capital.

Why it matters

This ruling is a significant win for YPF S.A., as it affirms the dismissal of a high-stakes lawsuit that could have had major financial and reputational consequences for the company. The case has been closely watched, as it involved complex legal issues around contractual obligations and damages claims.

The details

The Second Circuit fully affirmed the District Court's holding that YPF did not owe the alleged contractual obligations to the plaintiffs and is not liable for the damages they had claimed. This marks the end of a long-running legal battle that has been pending in the Southern District of New York since 2015.

  • The lawsuit was filed against YPF S.A. in 2015.
  • In 2023, Debevoise & Plimpton LLP secured a summary judgment win on behalf of YPF S.A., defeating the $16 billion in damages and interest claims.
  • On March 28, 2026, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of the lawsuit.

The players

YPF S.A.

The largest energy producer in the Republic of Argentina.

Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U.

The plaintiffs who filed the $16 billion lawsuit against YPF S.A.

Eton Park Capital Management, L.P., Eton Park Master Fund, Ltd., and Eton Park Fund, L.P.

The plaintiffs who filed the $16 billion lawsuit against YPF S.A.

Burford Capital

The litigation funder backing the $16 billion lawsuit against YPF S.A.

Debevoise & Plimpton LLP

The law firm that represented YPF S.A. and secured the dismissal of the $16 billion lawsuit.

Got photos? Submit your photos here. ›

The takeaway

This ruling is a significant victory for YPF S.A. and a testament to the strength of Debevoise & Plimpton LLP's legal strategy. The dismissal of the $16 billion lawsuit will have a positive impact on the company's financial and reputational standing, and serves as a reminder of the importance of thorough legal representation in high-stakes corporate disputes.