International Capital & Management Company arbitrated a dispute against Bear Stearns before the Financial Industry Regulatory Authority (“FINRA”). International Capital ultimately withdrew its claims in the arbitration, after which the FINRA panel ordered it to pay more than $300,000 of Bear Stearns’ attorneys’ fees related to the withdrawn claims. International Capital moved to vacate this portion of the panel’s award.
Read MoreIn Sovarex SA v Romero Alvarez SA [2010] Folio 1231, Mr Justice Hamblen held that the court had the power to direct that there be a determination of disputed facts under the procedure set out in s66 of the Arbitration Act 1996 (the Act) for the enforcement of arbitral awards.
Read MoreMunich Reinsurance America was reinsured under a treaty in which National Casualty Corporation and Employers Insurance Company of Wausau, among others, participated as reinsurers. The treaty contained an arbitration clause that provided as follows:
Read MoreIn the recent judgment, AES Ust-Kamenogorsk Hydropower Plant LLP v Ust-Kamenogorsk Hydropower Plant JSC [2011] EWCA Civ 647, the Court of Appeal held that an anti-suit injunction can be granted to restrain foreign proceedings brought in breach of an English arbitration agreement, even in the absence of an actual, proposed or intended arbitration.
Read MoreA New York federal court recently held that a reinsurer, and not the court, had the authority to appoint a replacement arbitrator, even though the reinsurance agreement at issue did not specify a method to do so.
Read MoreThe U.S. Supreme Court recently denied a reinsurer’s request to hear a dispute that concerned, among other things, whether a cedent’s party-appointed arbitrator should be disqualified from serving in a subsequent arbitration involving related parties and issues.
Read MoreWe have previously reported here and here on the long-running dispute between West Tankers and the insurers, Allianz and Generali. The latest development is the English Commercial Court decision, West Tankers Inc v. (1) Allianz SpA and (2) Generali Assicurazione Generali SpA [2011] EWHC 829 (Comm). For full details of the facts leading up to this decision, please go to our previous blogs.
Read MoreIn the recent English Commercial Court decision of Ispat Industries Ltd v Western Bulk Ltd [2011] EWHC 93 (Comm), the court held that an appeal based on section 68 of the Arbitration Act 1996 (the Act) would only be successful under the most serious of circumstances and where there was or stood to be a risk of substantial injustice to one of the parties.
Read MoreThanks to the Supreme Court’s ruling in AT&T Mobility LLC v. Concepcion, businesses now have a mechanism to insulate themselves from costly class actions. In Concepcion, the Court considered whether states can invalidate arbitration agreements that prohibit class arbitration proceedings.
Read MoreThe Republic of Iraq moved to compel arbitration of its lawsuit against BNP Paribas pursuant to an arbitration clause in a contract between the United Nations and BNP. The suit sought to recover damages stemming from BNP’s involvement in the alleged corruption of the United Nations Oil-for-Food program. BNP cross-moved to enjoin arbitration.
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