Venezuela To Pay Gold Reserve $1B Under New Settlement

Law360, New York (June 16, 2017, 7:14 PM EDT) -- Gold Reserve Inc. said Friday it's received an initial $40 million payment of a $1.032 billion settlement with Venezuela to resolve a dispute over a canceled mining project, a day after the parties told the D.C. Circuit that the country would abandon its challenge to a $713 million arbitral award that's part of the settlement.

Venezuela and Gold Reserve didn't give the court a reason for why the appeal of a federal court decision confirming the award was being dropped, stating only they would each be bearing their own costs.

While the appeal had been ongoing, Venezuela and the Washington-state based...

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