Panel's 'Disregard' Of Law Leads To $37M Award Nix In NY
Law360 (March 25, 2019, 9:29 PM EDT) -- A New York judge has vacated a $37 million arbitral award relating to the distribution of a bankrupt company's assets — an award to secured creditors that had been reduced by more than $2.1 million — concluding the arbitrators had acted in "manifest disregard" of the law.
Magistrate Judge Kevin Nathaniel Fox found in his opinion on Friday that the tribunal, which had been chaired by retired U.S. District Judge Shira Scheindlin, had overstepped its authority by redetermining how to calculate interest when accounting for certain prepayments made by Delaware asset management firm Black Diamond Capital Management LLC and related entities...
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