Judge Enters Default Judgment For More Than $12M Arbitral Award

Mealey's (January 25, 2021, 11:20 AM EST) -- NEW YORK — A New York federal judge on Jan. 21 entered judgment for more than $12 million in favor of a Cyprus company for a dispute over the sale of an oil processing facility in a breakaway Moldovan republic after default was entered against the republic and two state-owned banks that did not appear in court, but also ordered the Cyprus company to show cause why the banks should not be dismissed from the action for lack of jurisdiction....