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  • Client Receives Arbitration Award of $12.2 Million Arising out of International Commodity Trading Dispute

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Client Receives Arbitration Award of $12.2 Million Arising out of International Commodity Trading Dispute

A U.S.-based international commodity trading company represented by Carter Ledyard received an arbitration award this week in the amount of $12.2 million against a foreign commodity trading company, after a 4-day arbitration hearing before the AAA’s International Centre for Dispute Resolution in New York. The arbitration proceeding commenced by the Client in November 2009 related to monies owed arising out of multiple transactions with the foreign company between 2007 and 2009 involving bulk commodity products (sourced primarily from Egypt, Russia, and the Ukraine). The arbitrability of the dispute was strongly contested by the foreign company, which commenced a proceeding in federal court in New York to stay the arbitration. We litigated the arbitrability issue and prevailed in federal court, and the arbitration hearing in New York went forward in May 2011 (after a postponement due to political unrest affecting the foreign company in early 2011). Litigation partner Jeffrey S. Boxer and litigation associate Matthew D. Dunn represented the client at the arbitration hearing, with valuable assistance from litigation partner Lawrence F. Carnevale, litigation associate Michael K. Plumb, and legal assistant Bill Borenstein.

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