Exxon Blocked From Enforcing Venezuela Arbitration Award: U.S. Appeals Court

A U.S. appeals court said on Tuesday that Exxon Mobil Corp cannot enforce a large international arbitration award against Venezuela stemming from an asset seizure in 2007, when the country was nationalizing its oil industry.The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in entering a judgment to enforce the $1.6 billion award, since reduced to about $188 million, announced in October 2014 by the World Bank's International Centre for Settlement of Investment Disputes (ICSID). More…