U.S. District Court for the District of Columbia Enters Judgment against Venezuela

The reasoning for the Judgment was explained in a detailed thirty-nine page memorandum opinion accompanying the November 20, 2015 order. The court considered and rejected each of the arguments raised by Venezuela in opposition to the petition to confirm, including that: (a) the Award exceeded the scope of Venezuela’s consent to arbitration; (b) the arbitral tribunal’s conduct during the hearing violated Venezuela’s due-process rights; and (c) the Award is contrary to U.S. public policy. Lastly, the court turned to Venezuela’s request that enforcement of the Judgment be stayed pending Venezuela’s annulment application before the Paris Court of Appeal. Finding that all relevant factors favored the Company’s position, the court rejected Venezuela’s “effort to forestall defeat” and denied its request to stay enforcement. More…