9th Circ. Says Unocal's Congo Profits Not Executable In US

Law360, Los Angeles (March 4, 2014, 8:07 PM EST) -- A Ninth Circuit panel tossed a hedge fund’s suit seeking to collect on oil concessions a Unocal Corp. subsidiary had paid to the Democratic Republic of Congo, ruling Tuesday that the future oil tax revenues could not be executed in U.S. courts.

In an unsigned, unpublished opinion, the panel reversed a lower court’s denial of Unocal’s motion to dismiss the suit brought by FG Hemisphere Associates LLC’, a distressed debt fund. The lower court had ruled that the suit could proceed under an exception to the...
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