3rd Circuit Upholds Vacatur of Confirmation Order

PHILADELPHIA - A federal judge did not err in vacating its earlier confirmation of an arbitration award because the Brazilian bank which was ordered to pay reinsurance proceeds never waived its sovereign immunity, a federal appeals court has ruled. Asset Managers LLC v. Banco do Estado do Rio Grande do Sul, No. 10-4281 (3rd Cir.).

On Aug. 15, the 3rd Circuit U.S. Court of Appeals explained that under Federal Rule of Procedure 60(b)(4), a confirmation order may be void if the court, as in this case, lacked subject matter jurisdiction.

From 1976 to 1981, Companhia União de Seguros Gerais was …