Federal Judge Enters Default Against Venezuela Confirming $36M ICSID Award

Mealey's (December 18, 2018, 12:51 PM EST) -- WASHINGTON, D.C. — After holding that Barbados investors met the requirements of the Foreign Sovereign Immunities Act (FSIA) for service of their petition to confirm a $36.397 million arbitral award issued in their favor, a District of Columbia federal judge on Dec. 17 entered a default ruling against the Bolivarian Republic of Venezuela after it failed to respond to the petition (Tidewater Investment SRL, et al. v. Bolivarian Republic of Venezuela, No. 17-1457, D. D.C., 2018 U.S. Dist. LEXIS 211469)....