11th Circ. Criticizes Its Precedent In Guatemala Award Fight

By Caroline Simson (May 27, 2022, 8:36 PM EDT) -- An Eleventh Circuit panel on Friday grudgingly declined to vacate an arbitral award issued in a dispute over an ill-fated Guatemalan power plant construction project, saying it was "powerless" to overturn existing circuit precedent that fails to jibe with the rulings of the U.S. Supreme Court.

The panel affirmed a Florida district court opinion refusing to vacate the award, which ordered Corporación AIC SA to return about $7 million in advance payments made by Hidroelectrica Santa Rita SA to construct the hydroelectric power plant after the project folded.

Corporación AIC argued the panel had exceeded its powers by, among other things,...

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