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Arbitration Agreements

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Factual Background In 2012, Mr. X bought a catamaran put up for sale by Mr. Y, who owned this catamaran through a British Virgin Islands company called Song Saigon Ltd. Mr. X acquired the catamaran for EUR 1.22 million through two agreements successively signed with Song Saigon Ltd in the form of a memorandum of agreement (MoA) and a share sale and purchase agreement (SSPA), under which Mr. Y transferred all of his shares in…

The Superior Court of Justice (“STJ”), which is the highest court in Brazil for non-constitutional matters, has recently decided that a party under bankruptcy cannot submit a dispute under a contract subject to arbitration clause directly to the judicial courts, so that the issue on whether the bankruptcy adversely affects the validity and enforceability of the arbitration clause shall be first resolved in arbitration. Special Appeal 1.959.435, which was judged on August 30, 2022, analyzed…

Citigroup Inc. v. Sayeg, No. 21-cv-10413 (S.D.N.Y. Jan. 20, 2022)[1] Factual Background Luis Sebastian Sayeg Seade (“Sayeg”) was employed by Banco Nacional de México, S.A. (“Banamex”), a wholly-owned indirect subsidiary of Citigroup, organized under the laws of Mexico with a principal place of business in Mexico. During Sayeg’s employment with Banamex, Citigroup had in place various incentive plans (the “Plans”), which granted incentive compensation to its employees. All of the Plans contained arbitration clauses. Sayeg’s…

One year ago, the Higher Regional Court Frankfurt decided that the Achmea-decision[1] by the Court of Justice of the EU (“CJEU“) is transferable to arbitration clauses in other BITs (see Global Arbitration News on 22 April 2021). Factual Background Two banks who provide financial services in the Croatian market (= the investors) had initiated arbitration proceedings against Croatia based on the BIT between Croatia and Austria. Croatia sought a declaration that the arbitration proceedings were…