Tenaris' Win Against Venezuela Bumped Up To $256M

Law360 (July 20, 2020, 10:10 PM EDT) -- A D.C. federal judge on Friday increased a $173 million award issued against Venezuela to Tenaris SA to $256 million, after factoring in pre- and postjudgment interest in the dispute over an investment in a Venezuelan iron producer.

U.S. District Judge Christopher R. Cooper looked at the calculations submitted by Luxembourg-based Tenaris, its Portuguese subsidiary, Talta-Trading e Marketing Sociedade Unipessoal LDA, and Venezuela, finding that the companies are entitled to $87,300,000 in damages, $85,501,213 in preaward interest, $225,000 in costs, and $83,348,795 in postaward interest, for a total of more than $256 million.

Judge Cooper noted Venezuela's argument that the postaward...

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