Litigation is still raging over the Republic of Argentina’s 2012 expropriation of Repsol SA’s controlling interest in the Argentina oil company YPF SA. But one front in the court battle closed on Thursday, when a judge tossed Repsol’s claims that YPF and Bank of New York Mellon Corp. wrongfully blocked it from casting votes at a meeting of YPF shareholders.
In a 29-page decision, New York Supreme Court Justice Eileen Bransten in Manhattan ruled that Repsol didn’t have standing to sue YPF and BNYMellon over the shareholder vote. Repsol had sought $50 million in damages, alleging that its stake in YPF had been wrongfully diminished and that it missed out on an opportunity to appoint two directors to YPF’s board.
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