MIAMI—Rivero Mestre announces it has filed an Amici Curiae Brief with the United States Supreme Court in support of granting certiorari for Petitioner, the Republic of Argentina, in ARGENTINE REPUBLIC v. PETERSEN ENERGÍA INVERSORA S.A.U. AND PETERSEN ENERGÍA, S.A.U.; YPF S.A. v. PETERSEN ENERGÍA INVERSORA S.A.U. AND PETERSEN ENERGÍA, S.A.U.
Andrés Rivero, M. Paula Aguila, and Zaharah R. Markoe filed the amici brief as counsel for the amici curiae seeking the Court’s grant of certiorari in favor of the Republic of Argentina, which has stated that this is the most important international litigation case the country faces at the moment, both legally and financially. A response from the Respondents is scheduled to be filed by December 17th.
The amici brief addresses an unsettled issue subject of split authority among U.S courts of appeals. The Supreme Court is petitioned to determine the scope of the commercial activity exception under the Foreign Sovereign Immunities Act (FSIA) as it relates to acts of expropriation by a sovereign. The underlying dispute arose when the Argentine Congress enacted legislation that expropriated a controlling stake of shares in Argentina’s largest oil company from a Spanish corporate shareholder, doing so in the public interest to achieve energy self-sufficiency. The Spanish company objected to the expropriating measure arguing it breached the oil company’s takeover provisions under its bylaws which required a public tender offer for all the company’s shares before acquiring a controlling stake in the company. In contrast, Argentina maintains that its sovereign immunity preempts any obligations under the bylaws. Both the U.S. District Court for the Southern District of New York and U.S. Court of Appeals for the Second Circuit concluded sovereign immunity does not apply stating that, while the expropriation is a sovereign act, its effects were commercial in nature involving obligations under the bylaws which constitute an independent breach of contract if not followed accordingly.
About Rivero Mestre LLP
Rivero Mestre, with offices in Miami and New York, represents clients from investigation to verdict and appeal in complex business disputes in U.S. federal courts, state courts, and domestic and international arbitration proceedings. The firm’s practice focuses primarily on representing corporate and institutional clients in a broad range of complex commercial disputes including financial institution matters, intellectual property disputes, and litigation and arbitration relating to Latin American trade and investment.