2nd Circ. Denies BMB Arbitration In Oil Developer Tiff

Law360, New York (September 19, 2008, 12:00 AM EDT) -- An appeals court has upheld a lower court’s ruling that independent oil and gas developer Sokol Holdings Inc. is not bound to arbitration and can sue rival BMB Munai Inc. over the acquisition of oil fields in Kazakhstan.

Judges Pierre Leval, Sonia Sotomayer and Barrington Parker Jr. of the U.S. Court of Appeals for the Second Circuit firmly rejected BMB’s appeal on Thursday, holding that the arbitration terms in Sokol’s contract with a counterparty did not extend to its dispute with BMB, despite BMB’s relationship with...
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