Judge Vacates $187M Award Against Venezuelan Company Due To Improper Service

Mealey's (July 9, 2021, 11:42 AM EDT) -- MIAMI — A Florida federal judge on July 8 granted a Venezuelan iron ore producer’s motion to vacate the default confirmation of an arbitral award against it for more than $187 million in a contract dispute with a British Virgin Islands (BVI) commodities trading company, writing that the trading company did not properly effectuate service under the Foreign Sovereign Immunities Act (FSIA)....