The U.S. Court of Appeals for the Second Circuit upheld a lower-court ruling in favor of Argentina in a lawsuit over its GDP-linked securities, known as the Cupón PBI. The appellate panel confirmed Judge Loretta Preska’s 2023 decision that dismissed bondholders’ claims that the country manipulated official growth figures to avoid a payout tied to 2013 economic performance. Investors had sought roughly US$450 million, alleging Argentina’s statistics agency, INDEC, changed the GDP base year to show growth below the contractual threshold required to trigger the coupon payment. The court found the plaintiffs failed to demonstrate that the data revision breached the terms of the bond prospectus. The verdict resolves one of three outstanding cases surrounding the Cupón PBI. Separate litigation in London resulted in an October 2024 judgment ordering Argentina to pay about €1.33 billion, while a third U.S. case remains pending. The GDP-linked notes were created in 2005 during Argentina’s post-default debt exchange and pay only when annual growth exceeds a specified level.