Texas Judge Nixes Bid To Enforce $18B Saudi Oil Award
Law360 (November 17, 2020, 11:27 PM EST) -- A Texas federal judge on Tuesday refused to enforce an $18 billion arbitral award against Saudi Arabia's state-owned oil giant following a dispute over oil fields, the product of a proceeding "so riddled with irregularities" that it resulted in the criminal convictions of several of the arbitrators.
U.S. District Judge George C. Hanks Jr. concluded the award could not be enforced since none of the parties involved in the litigation had actually signed an underlying arbitration agreement. Moreover, the awardees — the descendants of two sheikhs who claimed to be the titleholders of the land in question, and owed rent as...
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