In an April 2015 decision, Asignacion v. Rickmers Genoa Schiffahrtsgesellschaft MBH & CIE KG, 783 F.3d 1010 (5th Cir. 2015), the U.S. Court of Appeals for the Fifth Circuit overturned a trial court decision that refused enforcement of a Philippine arbitral award on public policy grounds. Plaintiff Lito Martinez Asignacion (“Asignacion”), a citizen and resident of the Philippines, signed a contract to work as a seaman aboard a vessel owned by Defendant, German company Rickmers Genoa…
In China International Fund Limited v Dennis Lau (Secretary for Justice intervening) HCMP 2472/2014, the Hong Kong Court…
Recent developments China’s Supreme People’s Court (“SPC”) has clarified the jurisdiction of China International Economic and Trade Arbitration…
In First State Ins. Co. v. National Casualty Co., No. 14-1644 (1st Cir. Mar. 20, 2015), the First Circuit rejected an argument that arbitrators exceeded their authority in requiring the parties to follow a specific payment procedure, holding that the contract’s “honorable engagement” provision empowered the arbitrators to grant forms of relief, including equitable remedies, not explicitly mentioned in the underlying agreement. First State Insurance Company (“First State”) entered into a number of reinsurance and retrocessional…
In its judgment dated 25 June 2015, the Svea Court of Appeal annulled a Stockholm Chamber of Commerce…
While nearly all international arbitral institutions now make provision in their rules for interim relief, national courts are…
A v B Facts A (a PRC company) entered into a Development and Sales Agreement (“Agreement”) with B (a Cayman Islands company) for the joint development and sale of security solutions for various goods (the “ Products”). Under the Agreement, B was to pay the fees for the development of security products developed by A and purchase the Products. B complained about A’s poor performance and sought to recover the money paid to develop and…
In Mobil Cerro Negro, Ltd. v. Bolivarian Republic of Venezuela, No. 14-8163-cv (S.D.N.Y. Mar. 4, 2015), the District…
According to German law, a party challenging an arbitral award for procedural irregularities has to demonstrate that such…
Greece will go bankrupt. The struggling Greek economy will collapse. Probably, Greece will leave the Euro-Zone. New state laws will come into force stipulating the conversion of all Euro-denominated contracts into a local currency, the new drachma. This scenario is more likely than ever and it will impact existing contracts between Greek companies and their foreign counterparts. It does not take the proverbial crystal ball to foresee that the Greek companies will invoke the “doctrine…