Venezuela’s Alter Ego Liability In $2.7B Award Cases Affirmed By 3rd Circuit

(July 11, 2023, 12:21 PM EDT) -- PHILADELPHIA — The Third Circuit U.S. Court of Appeals again affirmed that a federal court properly exercised its jurisdiction in granting six award-creditors’ writs of attachment to enforce judgments collectively worth more than $2.7 billion against the Bolivarian Republic of Venezuela’s state-owned oil company Petróleos de Venezuela S.A. (PDVSA) as an alter ego of the state, finding that its alter ego status was not ended by changes in the republic’s leadership....