William Fry LLP is proud to have represented Argentina in successfully resisting the enforcement of the largest claim ever sought to be enforced by the Irish courts.
InPetersen Energia Inversora S.A.U & Ors v Argentine Republic([2025] IEHC 463), Ms. Justice Robers of the Commercial Court set aside service of proceedings seeking recognition of a $16.1 billion judgment issued by the US District Court for the Southern District of New York — the largest judgment ever rendered by that court against a sovereign state. With accrued interest, the amount involved at the time of the hearing exceeded $17.5 billion.
The Court found that:
- No Practical Benefit— Argentina had no enforceable assets in Ireland, and the plaintiffs had already availed of or were availing of extensive enforcement mechanisms in the US and other jurisdictions. Irish proceedings would have been duplicative and speculative.
- Not a Proper Case for Service Out— The Court emphasised that enforcement actions must be grounded in a genuine expectation of recovery. The plaintiffs’ strategy, described by their funder as intended to “apply pressure” rather than recover assets, did not meet the threshold.
- Judicial Efficiency— With no Irish connection and no prospect of recovery, the Court declined to allow proceedings that would place a significant burden on judicial resources.
The William Fry team led by Ruairi Rynn and Gerard James included Rachel Kelly and Declan Keane with a counsel team of Michael Cush SC and Claire Hogan BL.