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U.S. appeals court voids Exxon enforcement of Venezuela award

Reuters  |  NEW YORK 

NEW YORK (Reuters) - A U.S. appeals said on Tuesday that Corp cannot enforce a $1.6 billion international arbitration award against stemming from a 2007 asset seizure, voiding a lower judgment.

In a 3-0 vote, the 2nd U.S. Circuit of Appeals in Manhattan said a lower judge erred in excusing from complying with procedural requirements to enforce the October 2014 award, which was made by the World Bank's International Centre for Settlement of Investment Disputes.

The appeals directed that Exxon's petition to enforce the award be dismissed without prejudice, allowing the company to seek enforcement in compliance with the federal Foreign Sovereign Immunities Act.

(Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 11 2017. 20:26 IST