Claims
Restitution of the 35,300,000 Class C Shares
The Federation, through its legal counsel (Leto & Asociados Law Firm) asserts that the Argentine State and the Board of Directors of YPF S.A. (a subsidiary controlled by the Spanish Repsol YPF), misappropriated 35,300,000 Class C shares (convertible into Class D shares and representing 10% of the capital stock) rightly belonging to 25,000 former workers of YPF S.A., and unlawfully sold them on the Buenos Aires Stock Exchange and the NYSE in 1997 and 2007.
This claim is on solid ground due to the statement by the Argentine Supreme Court of Justice that all resolutions and decrees serving as the basis for the unlawful sale of the shares owned by the former employees of YPF S.A. are null and void and unconstitutional. The Bicameral Commission of the Argentine Congress has also resolved in like fashion.
Pursuant to this, the 25,000 former employees of YPF S.A. are aggressively seeking the restitution of their 35,300,000 Class C shares, plus all dividends and profits from 1991 to the present date, plus applicable interest.
In Argentina currently, the Federal Court of Appeals in Criminal Matters is examining the fraud committed by officials of the Argentine State, the Directors of YPF S.A., the Directors of Repsol YPF, the Board of Directors of the banks, and the stock agents and major law firms in the country involved in the sale of the shares of the former employees of YPF S.A. in 1997 and 2007.
It has ordered a lower court to examine the potential nullification of the sales of 99% of the capital stock of YPF S.A. to Repsol that took place in 1998 and 1999.
Of particular importance in the US is the fact that both claims, and the ensuing potential (and quite substantial) liabilities that could accrue to both YPF S.A. and Repsol YPF are being concealed from shareholders and investors by the Boards of Directors of both companies.
