It came as no surprise that the Spanish oil company Repsol SA would sue the Republic of Argentina for seizing its majority stake in the Argentine energy company YPF SA in 2012. What’s more intriguing is that lawyers for YPF shareholders brought a class action against both Repsol and YPF, alleging that the companies misled them by failing to warn them about the possibility that YPF would get nationalized.
That class action met a quick demise on Thursday, when U.S. District Judge Shira Scheindlin dismissed it in a stinging 44-page decision. She ruled that plaintiffs counsel at Robbins Geller Rudman & Dowd waited too long to file the case, and that in any event there were no misrepresentations on Repsol and YPF’s part.
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