2nd Circ. Hands Venezuela Win In $210M Mining Suit

Law360, New York (August 18, 2009, 7:02 PM EDT) -- A federal appeals court has affirmed a ruling in favor of Venezuela in a $210 million suit brought by two mining outfits seeking compensation for concessions seized by the Venezuelan government for a hydroelectric plant, finding that a waiver of sovereign immunity supposedly signed by a government minister is a fake.

The U.S. Court of Appeals for the Second Circuit issued a summary order Friday dismissing an appeal launched by Venezuela-based Compania del Bajo Caroni (Caromin) CA and VMC Mining Co. CA over diamond and gold...
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