Fla. Court Shields Oil Co.'s Foreign Stock From $29M Verdict

Law360, Miami (March 5, 2014, 4:20 PM EST) -- A Florida appeals panel Wednesday reversed a trial court's order requiring an oil company and several individuals who owe $28.8 million for allegedly withholding government contract profits from an ex-business partner to hand over their stock in foreign companies, saying the court lacked jurisdiction.

Florida's Fourth District Court of Appeal said the trial court did not have the jurisdiction to compel International Oil Trading Co. LLC and its owners to hand over their stock in foreign companies to their former business partner Mohammad Anwar Farid Al-Saleh,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.