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- Second Circuit Unanimously Affirms Confirmation of Favorable Arbitration Award
Second Circuit Unanimously Affirms Confirmation of Favorable Arbitration Award
Carter Ledyard obtained a unanimous decision of the United States Court of Appeals for the Second Circuit affirming a federal court judgment confirming an arbitration award of more than $12 million for our client Oakley Fertilizer, Inc., a U.S.-based international commodity trading company. The Second Circuit upheld the judgment confirming an arbitration award issued by the AAA’s International Centre for Dispute Resolution relating to transactions with an Egyptian commodity trading company involving bulk commodity products (sourced primarily from Egypt, Russia, and Ukraine). The Egyptian trading company previously contested the arbitrability of the dispute, but our client prevailed in federal court on the arbitrability issue and then prevailed in the arbitration on the merits. When Oakley sought to confirm the arbitration award, the Egyptian trading company argued that the arbitration was improper and that the court should not confirm the award. The court ruled in our favor, holding that the law of the case doctrine precluded the court from revisiting the prior decision compelling arbitration and issued the judgment for more than $12 million. When the Egyptian trading company appealed, the Second Circuit unanimously affirmed the lower court ruling upholding the arbitration award.
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