NEW YORK (Reuters) -At least two U.S. judges on a panel considering whether Argentina must pay investors $16.1 billion after seizing control of state-owned oil company YPF in 2012 questioned on Wednesday whether the case belonged in the United States.

The judges were part of a three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan that on Wednesday reviewed Argentina's bid to set aside a trial judge's September 2023 award to two minority shareholders of YPF.

Argentina has argued the case should have been heard at home, and questioned the judge's interpretations of Argentine law.

Burford Capital has funded much of the litigation and could receive billions of dollars if the award were upheld. Its shares fell more than 10% after the two judges made their comments.

(Reporting by Jonathan Stempel in New York)