Judge Confirms Award Against Venezuela, Alters Interest Rate, Denies Attorney Fees

Mealey's (June 23, 2020, 2:40 PM EDT) -- WASHINGTON, D.C. — A District of Columbia federal judge on June 17 confirmed an approximately $250 million award in favor of two companies from Portugal and Luxembourg for the expropriation of their steel production investments by the Bolivarian Republic of Venezuela but altered the tribunal’s original post-award interest rate as the judge found that the statutory rate for post-judgment interest is mandatory unless a different post-judgment rate is explicitly set (Tenaris S.A, et al. v. Bolivarian Republic of Venezuela, No. 18-1371, D. D.C., 2020 U.S. Dist. LEXIS 106397)....