5th Circuit Affirms $138M Arbitral Award Against Venezuelan Defense Ministry

Mealey's (March 11, 2021, 1:22 PM EST) -- NEW ORLEANS — A Fifth Circuit U.S. Court of Appeals panel on March 10 affirmed a district court’s confirmation of an arbitral award against the Ministry of Defense of the Republic of Venezuela and the court’s 2010 order compelling arbitration outside Venezuela because then-President Hugo Chávez’s influence made arbitration in the country “impracticable” in a way that was “unforeseeable” when a U.S.-based defense contractor entered the underlying contract....