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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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In North America

Eleventh Circuit holds tort claims are within scope of arbitration clause; Panama Convention provides exclusive grounds for vacating arbitral award

by 3 Mins Read

Earth Science Tech, Inc., v. Impact UA, Inc., No. 19-10118 (11th Cir. Apr. 14, 2020) [click for opinion] Earth Science, Tech, Inc. (“Earth Science”), a Florida-based distributor of cannobidoil (“CBD”)-rich hemp-oil products in the United States, entered into an exclusive distribution agreement with Cromogen Biotechnology Corporation (“Cromogen”), a Salvadoran company that supplies hemp-based biotechnology. Four months into the agreement, Cromogen served Earth Science with a demand for arbitration asserting breach of contract, conversion, and tortious…

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In North America

New York’s highest court holds that arbitration panel did not exceed its authority by reconsidering a partial final award

by 4 Mins Read

Am. Int’l Spec. Lines Ins. Co. v. Allied Capital Corp., No. 23 (N.Y. Apr. 30, 2020) [click for opinion] Allied Capital Corporation and its affiliate Ciena Capital LLC (collectively, the “insureds”) reached a settlement with the federal government resolving their alleged participation in loan origination fraud. The insureds subsequently sought payment of their defense costs and indemnification for the settlement from their insurer American International Specialty Lines Insurance Company (“AISLIC”). The insureds initiated arbitration after…

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