The Petersen case relates to ownership of a 25% stake in YPF, which was expropriated by the Argentinian government. Petersen subsequently went into administration, and a claim was initiated for compensation for the loss incurred by the expropriation. Having started in 2015, this is a lengthy process. A trial court decision that the claims could be heard in the United States federal courts was appealed by Argentina last year. On 10 July, over one year after the appeal was argued, the US Second Circuit Court of Appeals affirmed that decision. The next step is for the substantive proceedings to recommence in the trial court. This decision came too late for the interim results as of 30 June, and Burford will consider the impact, if any, in the year-end valuation process.