Venezuela Wins Stay Of Dutch Glass Co.'s $500M Award
Law360, Los Angeles (December 21, 2017, 9:53 PM EST) -- A D.C. federal judge paused a glassmaker's petition to enforce a $500 million arbitration award issued against Venezuela for expropriating two production plants, finding on Thursday that the country's ongoing effort to annul the Owens-Illinois Inc. subsidiary's award merited a pause in the U.S. litigation.
In September, Venezuela had asked U.S. District Judge Amy Berman Jackson to dismiss the case entirely, because Dutch subsidiary Owens-Illinois European Group BV, or OIEG, gave up its right to collect the 2015 award issued by the International Centre for Settlement of Investment Disputes the instant fellow OI subsidiaries launched a parallel arbitration proceeding.
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