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Fla. Court OKs $63M Security Award Against Venezuelan Co.

Law360 (July 18, 2018, 8:26 PM EDT) -- A Florida federal judge on Wednesday confirmed an arbitral decision requiring a Venezuelan state-owned mining company to post nearly $63 million in security during an ongoing iron ore-related contracts dispute with a British Virgin Islands company, finding no reason to vacate or alter the award.

U.S. District Judge Jose E. Martinez confirmed a partial final award ordering Venezuela’s CVG Ferrominera Orinoco CA to put up money while the arbitral panel considers Commodities & Minerals Enterprise Ltd.’s claims seeking more than $212.3 million in damages for alleged...
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Case Information

Case Title

Commodities & Minerals Enterprise Ltd. v. CVG Ferrominera Orinoco C.A.


Case Number

1:17-cv-20196

Court

Florida Southern

Nature of Suit

Other Statutes: Arbitration

Judge

Jose E. Martinez

Date Filed

January 17, 2017

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