Confirmation of Award Against Brazilian Bank Vacated

PHILADELPHIA - A federal judge has vacated confirmation of an arbitration award in which a Brazilian bank was ordered to pay reinsurance proceeds to the assignee of Evergreen National Indemnity Co., ruling that the bank did not waive its sovereign immunity. Aurum Asset Managers LLC v. Banco do Estado do Rio Grande do Sul, No. 08-102 (E.D. Pa.).

On Oct. 13, Judge Mary A. McLaughlin of the U.S. District Court for the Eastern District of Pennsylvania ruled that the bank has not waived its immunity under Federal Rule of Procedure § 1605(a)(2) because it did not conduct business in the …