Texas Energy Co. Gets $1M Award From Profits Row OK'd
Law360 (June 1, 2020, 7:26 PM EDT) -- A federal court has confirmed a Texas energy company's 5.8 million Brazilian real (roughly $1 million) victory in arbitration over misappropriated profits following a sale agreement.
U.S. District Judge Alfred H. Bennett found Friday that the arbitration tribunal that handed Houston-based Valerus Field Solutions LP a victory did not exceed its powers and properly applied contractual agreements between the parties to reach its conclusion, shutting down Enerflex Energia Ltda.'s bid to vacate the award.
Enerflex Energia had argued that the tribunal overstepped its authority when it directed the companies to move forward with arranging the release of 6.4 million real in...
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