NY Judge Confirms Investment Co.'s $24.5M Arbitration Award
By Emma Whitford (August 26, 2020, 3:03 PM EDT) -- A New York federal court on Tuesday enforced a $24.5 million arbitral award in favor of Hong Kong investment company Super Perfect Investments Ltd., after Tajikistan bank Agroinvestbank Open Joint Stock Co. missed its deadline to file an opposition.
The underlying award, based on botched cotton contracts, is enforceable under the New York Convention and Section 9 of the Federal Arbitration Act, U.S. District Judge Jesse M. Furman said.
"Respondent's opposition was due no later than August 17, 2020," Judge Furman wrote in a three-page order dated Tuesday. "To date, respondent has neither responded to the petition nor otherwise sought relief...
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