Glassmaker Opens 2nd Front In $490M Venezuela Award Row
By Jack Newsham (July 28, 2016, 2:56 PM EDT) -- With efforts to quickly confirm arbitral awards against foreign countries in New York federal courts facing legal headwinds, an affiliate of glassmaker Owens-Illinois Inc. filed a suit in D.C. federal court Wednesday to confirm a $490 million award against Venezuela.
OI European Group BV had won the award from an International Centre for the Settlement of Investment Disputes tribunal after the company's glass factories were seized by the South American country. OIEG has litigated for months in New York summary proceedings meant to quickly confirm the award, but has faced opposition from Venezuela, which argues that federal law prohibits arbitral awards...
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