Mobil Cerro Negro, Ltd. et al v. Bolivarian Republic of Venezuela
| Petitioner: |
Mobil Cerro Negro, Ltd., Venezuela Holdings, B.V., Mobil Cerro Negro Holding, Ltd., Mobil Venezolana De Petroleos Holdings, Inc. and Mobil Venezolana De Petroleos, Inc. |
| Respondent: |
Bolivarian Republic of Venezuela |
| Case Number: |
1:2014cv08163 |
| Filed: |
October 10, 2014 |
| Court: |
US District Court for the Southern District of New York |
| Office: |
Foley Square Office |
| County: |
XX Out of State |
| Presiding Judge: |
Paul A. Engelmayer |
| Nature of Suit: |
Other Statutory Actions |
| Cause of Action: |
28 U.S.C. § 1331 |
| Jury Demanded By: |
None |
Available Case Documents
The following documents for this case are available for you to view or download:
| Date Filed |
Document Text |
| March 4, 2015 |
Filing
47
OPINION & ORDER: It was Venezuela's choice to agree to arbitrate before ICSID, rather than before a tribunal governed by chapter 2 of the FAA, which governs non-ICSID international arbitrations. The choice of the ICSID forum meant that there w ould be no room for substantive challenges by the losing party to the Award, save within the ICSID regime itself. See Mobil, 2015 WL 631409, at *4; ICSID Convention art. 53. Having chosen and litigated in the ICSID forum and having lost in that fo rum, Venezuela cannot now choose to apply the rules of a different arbitral regime, the FAA, so as to avoid a term of the ICSID panel's Award (the interest rate until payment) that it now rues.The Court, therefore, denies Venezuela's moti on to modify the Part One judgment so as to override the post-judgment interest rate set in the ICSID panel's Award. The judgment shall continue to accrue interest at the rate that the ICSID Award specified: 3.25% compounded annually, until Venezuela has made payment in full. Dkt. 3, Ex. 1, 404. SO ORDERED. (Signed by Judge Paul A. Engelmayer on 3/4/2015) (kl)
|
| February 13, 2015 |
Filing
37
OPINION AND ORDER. For the foregoing reasons, the Court denies Venezuela's motion to vacate the Part One judgment. The Court, however, stays enforcement of the judgment, pending the outcome of Venezuela's application to ICSID to revise the arbitral award. The parties are directed to notify the Court, by joint letter to be submitted every 30 days from the date of this Opinion, as to the status of proceedings before ICSID. The Clerk of Court is directed to terminate the motion pending at docket number 12. re: 12 MOTION to Vacate 6 Judgment filed by Bolivarian Republic of Venezuela. (Signed by Judge Paul A. Engelmayer on 2/13/2015) (rjm)
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