Three New York banks will have to release more than $300 million to satisfy a terrorism default judgment against the Republic of Sudan for supporting the 2000 attack on the U.S.S. Cole, a federal appeals court said Wednesday.
NY Commercial Litigation Insider
A federal appeals court handed Argentina a victory Wednesday in its quest to relieve itself of the pressures of debt owed to American hedge funds and others, saying a judge went too far by letting some bondholders demand payment without proving how much they are entitled to be paid.
A buyer of an insolvent company's assets is not liable for a $450,000 finder's fee the seller owed to an investment advisory firm, a split First Department panel ruled Tuesday.
The First Department noted that the guarantee at issue secured rent payments on a property in Georgia and specified Georgia law would control its interpretation, but said that hearing the case "does not create any undue burden on New York courts."
In her Secured Transactions column, Barbara M. Goodstein revisits, both generally and in light of a recent Second Circuit decision, how a confirmed reorganization plan can extinguish liens in bankruptcy, and further how a lienholder's failure to participate in a bankruptcy proceeding can affect that result.
In their International Dispute Resolution column, Lawrence W. Newman and David Zaslowsky write: When practitioners and scholars speak, in articles and seminars, about corruption in international arbitration, they are most often referring to bribery on the part of the parties in obtaining government contracts. Only rarely does the subject of wrongful conduct by arbitrators come up. But recently, a well-known international arbitrator appointed to a panel in a dispute between Croatia and Slovenia was revealed to be discussing the case with the agent of Slovenia.
In his International Environmental Law column, Stephen L. Kass writes that the the Chevron saga, a 25-year battle over the environmental, legal and political issues arising over oil exploration in Ecuador, has now resurfaced in a way that sheds important light on the mandatory arbitration provisions of both existing bilateral investment treaties and, more importantly, the proposed Trans-Pacific Partnership.
Douglas J. Pepe analyzes the Second Circuit's recent holding that a litigant's subjective intent to initiate a foreign action is not enough to seek discovery under §1782, an application must be supported by "objective indicium" that a foreign action will be brought.