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.
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