Oil Companies’ Subpoena To Enforce Award Against Yemen ‘Overbroad,’ Judge Rules

Mealey's (May 19, 2022, 1:27 PM EDT) -- NEW YORK — A New York federal judge on May 18 denied three oil companies’ motion to compel the Federal Reserve Bank of New York to comply with a subpoena for information about the Central Bank of Yemen’s accounts to enforce an arbitral award worth more than $3 million because the subpoena is “overbroad” as written, but also rejected the Fed’s arguments that such a subpoena is improper and directed the parties to discuss next steps at a future conference....