Ecopetrol Loses Contempt Bid Over $75M Judgment

Law360, Los Angeles (March 29, 2016, 4:16 PM EDT) -- A New York federal judge on Monday refused to hold Offshore Exploration and Production LLC and its owner in contempt for an unsatisfied money judgment to Colombia's and Korea's national oil companies, saying the remedy isn't appropriate for relief that simply seeks payment of money.

U.S. District Judge John G. Koeltl held that a $75.3 million judgment against Offshore secured by Ecopetrol SA and Korean National Oil Corp. to indemnify a payment to the Peruvian government upon their purchase of Offshore and its subsidiaries was not an equitable judgment under the Federal Rules of Civil Procedure that justifies a finding of...

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