Applying New Precedent, 11th Circuit Affirms $188M Award Against Venezuelan Entity

Mealey's ( August 9, 2024, 2:32 PM EDT) -- ATLANTA — The 11th Circuit U.S. Court of Appeals on Aug. 8 affirmed the confirmation of an arbitral award worth roughly $188 million against a Venezuelan iron ore producer based on different reasoning, finding that the award should be confirmed on the merits despite the fact the lower court erred under new precedent by barring the Venezuelan company from presenting a public policy defense....