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Sixth Circuit holds that the “amount in controversy” in a petition to challenge an arbitration award is the amount sought in the arbitration, not the amount awarded.

by 2 Mins Read

Hale v. Morgan Stanley Smith Barney LLC, No. 20-33412 (6th Cir. Dec. 15, 2020) [click for opinion] Dissatisfied with several disciplinary actions taken against him at work, Plaintiff Richard Hale sought recourse against his employer, Defendant Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Hale brought a case in arbitration, but the arbitrator awarded no damages. Hale then filed suit seeking to vacate the arbitration award pursuant to the Federal Arbitration Act (the “FAA”). The FAA…

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In North America

District court confirms arbitration award of $2 million in fees and costs to prevailing party and refuses sanctions against petitioner who sought to vacate the award

by and 4 Mins Read

Cognac Ferrand S.A.S. v. Mystique Brands LLC, No. 20 Civ. 5933 (S.D.N.Y. Jan. 31, 2021) [click for opinion] In 2008, Petitioner and Cross-Respondent Cognac Ferrand S.A.S (“Ferrand”), a French producer of liquor and spirits, entered into an exclusive marketing agreement with Respondent and Cross-Petitioner Mystique Brands LLC (“Mystique”). In the agreement, Mystique agreed to purchase certain minimum amounts of Ferrand’s products each year and to enter into a marketing agreement with Calvin Broadus a/k/a Snoop…

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In Arbitrability

District court finds it lacks personal jurisdiction over Defendant where parties explicitly agreed that arbitrator would determine issues of arbitrability

by and 3 Mins Read

CleanSpark Inc. v. Discover Growth Fund, LLC, No. 20-cv-6164 (S.D.N.Y. Sept. 9, 2020) [click for opinion] In 2018 and 2019, CleanSpark, Inc. (“CleanSpark”) and Discover Growth Fund, LLC (“Discover”) entered into a pair of securities purchase agreements (collectively, the “Older SPAs”). In each agreement, CleanSpark sold, among other things, a convertible debt instrument to Discover and agreed to convert, at Discover’s request, all or any portion of the face value of the debt instruments into…

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In North America

District court stays enforcement of $2 billion arbitral award against Egypt while ICSID annulment proceedings were pending

by 4 Mins Read

Plaintiff, Unión Fenosa Gas, S.A. (“UFG”), a specialized natural-gas corporation organized under the laws of Spain, brought suit in the U.S. District Court for the District of Columbia to enforce an arbitral award against Defendant, Arab Republic of Egypt (“Egypt”). In 2000, UFG’s predecessor in interest had entered into a Sales and Purchase Agreement (“SPA”) with Egypt’s state-owned oil corporation in which the national oil company agreed to supply natural gas to UFG for at…

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