Oil Tycoon Beats $3M Arbitration Ruling In BP, Statoil Row

Law360, New York (February 23, 2012, 2:27 PM EST) -- An arbitrator overstepped his authority when he sanctioned oil tycoon Jack Grynberg $3 million for allegedly delaying the resolution of a dispute with BP PLC and Statoil ASA, according to a New York state appeals court opinion issued Tuesday.

“The arbitrator’s imposition of the $3 million award in sanctions against Jack Grynberg was punitive in nature, regardless of the label attached. Accordingly, the award violated public policy and was properly vacated,” the appeals panel said in upholding a December 2010 decision by New York Supreme Court...
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