Federal Judge Confirms $966.5M ICSID Award, Rejects Venezuela’s Arguments

Mealey's (March 6, 2018, 1:44 PM EST) -- WASHINGTON, D.C. — A District of Columbia federal judge on March 2 granted a Canadian gold production company’s petition to confirm a $966.5 million international arbitral award issued in its favor and against the Bolivarian Republic of Venezuela in relation to violations of a bilateral investment treaty, finding that the tribunal did not exceed its authority in calculating damages (Rusoro Mining Limited v. Bolivarian Republic of Venezuela, No. No. 16-cv-02020, D. D.C., 2018 U.S. Dist. LEXIS 34706)....