Insights

London – October 4, 2023: Crowell & Moring U.K. LLP has been recommended in four practice areas in the Legal 500 United Kingdom 2024. In addition, partner Andrew Knight has been named as a leading individual for asset based lending. The firm’s full rankings can be viewed here.

Dubai’s government recently made significant changes to its arbitral framework as part of its effort to strengthen the position of the Emirate as a dominant center for international dispute resolution in the region. Decree No. 34 of 2021 (the “Decree”), issued by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum on September 14, 2021 and effective as of September 20, 2021, has fundamentally altered the existing arbitration framework in Dubai, and has the potential to have significant impacts for parties whose arbitration agreements name the now-abolished institutions.

This alert follows our previous review of the judgment of the U.K. Supreme Court in IPCO (Nigeria) Limited v Nigerian National Petroleum Corporation [2017] UKSC 16 (IPCO). That case concerned a challenge to enforcement of a New York Convention arbitration award and considered whether the provision of security on the award value could be made a prerequisite to launching such a challenge. In a unanimous judgment, the Supreme Court held the provision of security may only be made a prerequisite in cases of adjournment pending resolution of a challenge in the courts of the seat of arbitration.

In IPCO (Nigeria) Limited v Nigerian National Petroleum Corporation [2017] UKSC 16, a unanimous bench of five members of the Supreme Court held that the English courts may not condition a New York Convention award debtor’s challenge to award enforcement under the Convention and Arbitration Act 1996 upon payment of security on the award’s value, except in cases of adjournment pending resolution of a challenge in the courts of the seat of arbitration. The judgment, dated 1 March 2017, is available here.

Law360 highlights the 2014 second quarter promotions and leadership announcements among various law firms. The Crowell & Moring attorneys mentioned include: Elieen M. Gleimer and Gerald F. Murphy, named co-chairs of the firm's Aviation Group; Bryan Brewer, named co-chair of the firm's Corporate Group; Ian A. Laird, named co-chair of the firm's International Dispute Resolution group; and Eric Edwards, named chair of the firm's Government Affairs Group.

Washburn Law's Oil and Gas Law Center and International and Comparative Law Center, the University of Houston Law Center, and the International Law Institute are sponsoring "Oil and Gas Investment Arbitrations III: A Critical View of Investment Arbitration." This symposium will be held at the Four Seasons Hotel in Houston, Texas.

The American Bar Association Section of International Law is holding its Spring Meeting in Washington, D.C. April 25-29, 2017. The theme for the Meeting is New Leaders, New Laws: 2017 and Beyond. The Section is the home within the ABA for the world's leading international practitioners, and the 2017 Spring Meeting is a true "must-attend" meeting for lawyers with a practice or interest in international legal issues. International Dispute Resolution Group Partner Ian Laird and Insurance/Reinsurance Group Senior Counsel Ellen Farrell will be among the panelists at this meeting.

The Eleventh Annual Juris Conferences’ Investment Treaty Arbitration Conference will tackle the complex developments raised by investor-state arbitration and its intersection with international investments in the technology sector. Although there have only been a few investment cases touching on issues related to the technology sector, with continued international integration and the rise of product piracy, counterfeiting, issues related to IP rights, cybersecurity, and the internet of things, international trade and investment disputes may be inevitable in the years to come. A group of eight authors again take contrary positions and grapple with the dramatic developments of investment arbitration as it relates to technology, intellectual property and investor-state arbitration. The expert faculty will then continue the debate following the original contributions from the authors for what always proves to be highly entertaining. This conference will be of great value to practitioners, industry counsel, and academics alike who are interested in these important cutting-edge issues.

Since 2003, Venezuela has maintained strict controls on the exchange of the local currency (bolívares) into hard currency. As a result, companies doing business in Venezuela are finding their revenue earned in the country to be stranded there and unable to be repatriated, leaving them in arrears with overseas vendors and creditors.  While oil prices keep falling and the Venezuela economy worsens, the government has adopted measures reportedly intended to allow companies to repatriate their funds. However, such measures appear uncertain and risk causing a substantial devaluation of Venezuela’s local currency. Depending on how companies have structured their investments into Venezuela, they may be able to use international investment agreements (IIAs) to seek a negotiated solution or pursue international arbitration against Venezuela to recover their funds.