Litigation funder Burford Capital has announced a win in one of its earliest investments in an international arbitration, saying in a release over the weekend that it stands to take home roughly $140 million from a $324 million recovery against the government of Argentina.

The underlying case was brought in 2008 on behalf of the bankrupt Spanish operators of the airlines Aerolíneas Argentinas, Argentina’s flag carrier, and its subsidiary Austral-Cielos del Sur. In a lengthy decision handed down Friday, a three-person panel established at the International Centre for Settlement of Investment Disputes (ICSID) found the airlines were expropriated in violation of the bilateral investment treaty Spain and Argentina reached in 1991. One panel member dissented.

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