Venezuela Says Glass Co. Can't Confirm $490M Award

By Jack Newsham (July 8, 2016, 8:53 PM EDT) -- Venezuela told a New York federal judge Thursday that an effort by glassmaker Owens-Illinois Inc. to confirm a $490 million arbitral award should be tossed or halted because of procedural problems, ongoing related arbitration and an arbitrator's late disclosure of his relationship with Dechert LLP,  which is prosecuting claims against Venezuela.

The South American country faces an avalanche of litigation in several countries and arbitration with the International Center for Settlement of Investment Disputes, and Owens-Illinois affiliate OI European Group BV has sued to confirm an award it was granted over the nationalization of glass factories it partly owned. But Venezuela...

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