STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Refuses to Sanction Insurer for Noncompliance with Arbitration Award
January 5, 2017
NEW YORK — A New York federal judge has refused to sanction a Brazilian insurer for refusing to comply with an arbitration award by abandoning its $24 million lawsuit in Brazil against an energy corporation, holding that the insurer did not act in contempt of court.
On Dec. 28, Judge Alvin K. Hellerstein of the U.S. District Court for the Southern District of New York explained that noncompliance with the declaratory relief provided by the award does not constitute contempt.
Aluminum refiner Alumina do Norte do Brasil S.A.(Alunorte) entered into a supply contract with Alstom Power Inc. and Alstom Brasil ...
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