July 11, 2017 / 2:48 PM / a year ago

U.S. appeals court voids Exxon enforcement of Venezuela award

NEW YORK, July 11 (Reuters) - A U.S. appeals court said on Tuesday that Exxon Mobil Corp cannot enforce a $1.6 billion international arbitration award against Venezuela stemming from a 2007 asset seizure, voiding a lower court judgment.

In a 3-0 vote, the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in excusing Exxon from complying with procedural requirements to enforce the October 2014 award, which was made by the World Bank’s International Centre for Settlement of Investment Disputes.

The appeals court directed that Exxon’s petition to enforce the award be dismissed without prejudice, allowing the company to seek enforcement in compliance with the federal Foreign Sovereign Immunities Act. (Reporting by Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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