Venezuela Mining Co. Says $188M Default Judgment Is Wrong

Law360 (September 30, 2020, 10:26 PM EDT) -- Venezuela's state-owned mining company is asking that a default $188 million judgment against it relating to an arbitral award issued to a British Virgin Islands commodities firm be vacated, saying the ruling is "plainly unwarranted."

CVG Ferrominera Orinoco CA, or FMO, told the Florida federal court overseeing the litigation on Wednesday that Commodities & Minerals Enterprise Ltd. failed to follow the service requirements outlined within foreign sovereign immunity law "in a substantial manner," even though the company has recognized that FMO is an instrumentality of Venezuela.

Moreover, even if CME had properly effected service on it, a default judgment against FMO would be...

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