Moscow Mall Shareholder Gets $84M Award Confirmed

By Hannah Sheehan (March 18, 2016, 4:03 PM EDT) -- A California federal judge on Thursday confirmed an $84 million-plus London arbitration award against a former member of Russia's lower house of parliament for allegedly misappropriating a shareholder's interest in a Moscow shopping center, saying the New York Convention affords little discretion in reviewing such an award.

U.S. District Judge Manuel L. Real said the New York Convention manifests "'a general pro-enforcement bias'" for foreign arbitration awards, adding that none of the reasons given by ex-State Duma member Ashot Yegiazaryan for setting the award aside trumped the court's obligation to enforce the award in favor of petitioner Vitaly Smagin.

"The petition...

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