Federal Judge Confirms $187M Award Against Venezuelan Iron Ore Producer

Mealey's (September 29, 2020, 1:19 PM EDT) -- MIAMI — A federal judge in Florida on Sept. 23 confirmed an arbitral award of more than $187 million in favor of a British Virgin Islands commodities trading company for breach of contract against a Venezuelan iron ore producer that was identified as an instrumentality of the Bolivarian Republic of Venezuela and that did not appear in court during the proceeding (Commodities & Minerals Enterprise Ltd. v. CVG Ferrominera Orinoco, C.A., No. 19-25217, S.D. Fla., 2020 U.S. Dist. LEXIS 175983)....