2nd Circuit Vacates $185M ICSID Arbitration Award Issued Against Romania

(October 24, 2017, 1:39 PM EDT) -- NEW YORK — A panel of the Second Circuit U.S. Court of Appeals on Oct. 23 found that a district court erred when it granted an ex parte petition filed by a group of Swedish investors to confirm a $185,530,618 international arbitral award issued against Romania, finding that the court erred in concluding that the Foreign Sovereign Immunities Act (FSIA) did not apply (Ioan Micula, et al. v. Government of Romania, No. 15-3109-cv, 2nd Cir.)....

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