Investing.com -- Shares of Burford Capital are currently down over 36% on Friday following several volatility trading halts after a U.S. appeals court struck down a $16.1 billion judgment against Argentina related to the seizure of state-owned oil company YPF in 2012.

The decision was issued by the 2nd U.S. Circuit Court of Appeals in Manhattan on Friday.

Burford Capital, which had funded the litigation, would have collected much of any award that survived legal challenges. The award had grown to $18 billion with interest when the appeal was argued.

Argentina had been seeking to overturn the $16.1 billion award issued in September 2023 by a lower court judge to former YPF shareholders Petersen Energia Inversora and Eton Park Capital Management for alleged losses tied to YPF's nationalization.